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Author: 

Betterment  of  Life 
Insurance  Service 

Title: 

Some  statistical 
reflections  on  the  state 

Place: 

New  York 

Date: 

1921 


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MASTER   NEGATIVE   # 


COLUMBIA  UNIVERSITY  LIBRARIES 
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Assooiation  of  life  insiiranoe  presidents. 

Sono  statistical  reflections  on  the  state  of 
the  nation  in  1921,   Life  insurance  as  a  mirror; 

Hew  York,  Association  of  life  insurance 
presidents,  1921. 

63  p#   charts,  forms,    23  cm. 


At  head  of  title:  Betterment  of  life  insurance 

service. 
Delivered  at  the  fifteenth  annual  meeting. 


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MAIN  ENTRY:     Betterment  of  Life  Insurance  Service 

Some  statistical  reflections  on  the  state- 


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SOME  STATISTICAL  REFLECTIONS  ON 
THE  STATE  OF  THE  NATION 

IN  1921 


LIFE  INSURANCE  AS  A  MIRROR 


Interpretative  Addresses  on  Causes  of  Death 
among  Policyholders,  New  Business  Issued, 
Loans  on  Insurance  Policies,  Distribution 
of  Investments,  and  National  Physical  and 
Economic  Health. 


0^7 


Delivered  at  the  Fifteenth  Annual  Meeting  of 

THE  ASSOCIATION  OF  LIFE  INSURANCE  PRESIDENTS 

At  New  York,  December  8  and  9,  1921 


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ASSOCIATION  OF  LIFE  INSURANCE  PRESIDENTS 
165  Broadway,  New  York,  N.  Y. 


OFFICERS,  1922 
GEORGE  T.  WIGHT, 

SECRKTARY    ANM)    MANAGER 

JOB  E.  HEDGES,  general  counsel 
FREDERIC  G.  DUNHAM,  attorney 
GEORGE  VV.  SMITH,  actuary 
ORLOW  H.  BOIES,  statistician 
MOTT  A.  BROOKS,  assistant  secretary 


EXECUTIVE  COMMITTEE 


GEORGE  T.  WIGHT.  Chairman 
LOUIS  F.  BUTLER 
GEORGE  I.  COCHRAN 
W.    A.    DAY 
FORREST  F.  DRYDEN 
HALEY  FISKE 


ALFRED  D.  FOSTER 
FRED'K  FRELINGHUVSEN 
FRED  A.  HOWLAND 
DARWIN  P.  KINGSLEY 
CHARLES  A.  PEABODY 
JOHN  D.  SAGE 


COMPANIES  REPRESENTED  IN  THE  ASSOCIATION 


^TNA  LIFE  INSURANCE  COMPANY Hartford.  Conn, 

AMERICAN  CENTRAL  LIFE  INSURANCE  CO Indianapolis,  Ind. 

BANKERS  LIFE  INSURANCE  CO.  OF  NEBRASKA Lincoln.  Neb. 

BERKSHIRE  LIFE  INSURANCE  COMPANY Pittsficld.  Mass. 

CANADA  LIFE  ASSURANCE  COMPANY Toronto.  Ont.,  Canada 

THE  COLONIAL  LIFE  INS.  CO.  OF  AMERICA  Jersey  City,  N.  J. 

THE  COLUMBIAN  NATIONAL  LIFE  INSURANCE  CO... Boston,  Mass. 

CONFEDERATION   LIFE  ASSOCIATION Toronto.   Ont.,   Canada 

CONNECTICUT  GENERAL  LIFE  INSURANCE  CO Hartford,  Conn. 

THE  CONNECTICUT  MUTUAL  LIFE  INS.  CO Hartford,  Conn. 

THE  EQUITABLE  LIFE  ASSURANCE  SOCIETY  OF  THE 

UNITED  STATES Now  York,  N.  Y. 

EQUITABLE  LIFE  INSURANCE  CO.  OF  IOWA Des  Moines,  la. 

THE  FRANKLIN  LIFE  INSURANCE  COMPANY Springfield,  111. 

THE  GUARDIAN  LIFE  INSURANCE  COMPANY New  York,  N.  Y. 

HOME  LIFE  INSURANCE  COMPANY New  York.  N.  Y. 

ILLINOIS  LIFE  INSURANCE  COMPANY ChicaRo.  111. 

THE  IMPERIAL  LIFE  ASSUR.  CO.  OF  CAN  ADA.  Toronto.  Ont..  Canada 

JOHN  HANCOCK  MUTUAL  LIFE  INSURANCE  CO Boston.  Mass. 

LIFE   INSURANCE  COMPANY   OF  VIRGINIA Richmond,  Va. 

LINCOLN  NATIONAL  LIFE  INSURANCE  CO Fort  Wayne,   Ind. 

LONDON  LIFE  INSURANCE  CO London.  Ont. 

MANHATTAN  LIFE  INSURANCE  COMPANY New  York.  N.  Y. 

MANUFACTURERS  LIFE  INSURANCE  CO Toronto.  Ont..  Canada 

MASSACHUSETTS  MUTUAL  LIFE   INS.  CO Springfield,   Mass. 

METROPOLITAN  LIFE  INSURANCE  COMPANY. ..  .New  York,/N.  Y. 

THE  MICHIGAN  MUTUAL  LIFE  INSURANCE  CO Detroit,  Mich. 

THE  MUTUAL  BENEFIT  LIFE  INSURANCE  CO Newark,  N.  J. 

THE   MUTUAL  LIFE  ASSURANCE   COMPANY  OF 

CANADA Waterloo.    Ont..    Canada 

THE  MUTUAL  LIFE  INSURANCE  CO.  OF  N.  Y New  York,  N.  Y. 

NATIONAL  LIFE  AND  ACCIDENT  INSURANCE  CO..  .Nashville.  Tenn. 

NATIONAL  LIFE  INSURANCE  COMPANY Montpclier,  Vt. 

NATIONAL  LIFE  INSURANCE  COMPANY  OF  THE  UNITED 

STATES  OF  AMERICA Chicago.  111. 

NEW  ENGLAND  MUTUAL  LIFE  INSURANCE  CO Boston,  Mass. 

(Ciiitinticd  in  3d  Curwr  page) 


CONTENTS 


Preface 


PAGE 

3 


"National  Health  in  the  Life  Insurance  Mirror". 


•Hon.  Robert  Lynn  Cox,  Third  Vice-President,   Metropolitan   Life 
Insurance  Co.,  New  York. 

"New  Life  Insurance  Business  of  1921;  What  It  Means" 19 

Mr.    John    M.    Holcombe,    President,    Phoenix    Mutual    Life    In- 
surance Co.,  Hartford,  Conn. 


'Recent  Fluctuations  in  Policy  Loans". 


Mr.  Henry  S.  Nollen,  President,  Equitable  Life  Insurance  Co.  of 
Iowa,  Des  Moines,  la. 


23 


'A  Decade  of  Life  Insurance  Investments" 46 

Mr.  Asa  S.  Wing,  President,  Provident  Life  &  Trust  Co..   Phil- 
adelphia, Pa. 


i 


*    ; 

I; 


.  o.^AL.hK.'iii.\<.^-  ■■  ..J^/ii^  i,*^''^* 


PREFACE 


■  I 


I      ! 


f 


Statistics  from  current  records  of  American  life  insurance  com- 
panies, reveahng  important  trends  of  the  business  a*  7921    wer- 
presented  at  the  Fifteenth  Annual  Convention  of  the  Association  of 
Life  Insurance  Presidents,  held  in  New  York,  December  8th  and 
9th.    These  aggregate  figures  disclose  the  actual  situation  to  Novem- 
ber first  m  most  of  the  fields  of  activity  under  discussion.     Re- 
flected m  this  mirror  of  statistics,  the  year's  developments  in  bulk 
were  clearly  indicated,  furnishing  to  the  attending  executives  knowl- 
edge of  conditions  necessarily  of  great  value  in  planning  for  the 
new  year     While  compiled  primarily  to  afford  opportunity  for  ap- 
p  led  study  of  the  life  insurance  business  as  a  whole  throughout  the 
Umted  States  in  a  year  of  changing  economic  conditions,  the  com- 
bined statistics  are  such  an  encouraging  reflection  of  both  the  physi- 
cal and  the  economic  situation  of  the  American  people,  that  it  seems 
the  duty  of  the  Association  to  convey  this  information  beyond  im- 
mediate life  insurance  circles.    Hence  this  modest  volume 

These  statistics  with  their  adequate  background,  properly  inter- 
preted, bring  to  the  knowledge  of  professional  man  and  lay  reader 
alike  the  favorable  mortality  experienced  among  life  insurance 
policyholders,  the  enormous  amount  of  new  life  insurance  pur- 
chased, the  degree  of  restraint  exercised  by  policyholders  in  borrow- 
ing on  their  insurance  and  the  changing  trends  in  the  investment  of 
the  assets  constituting  the  reserves  back  of  the  45  billion  dollars  of 
insurance  on  American  lives  in  legal  reserve  companies. 

Whether  viewed  singly  or  collectively,  these  four  statistical  groups 

furnish  an  optimistic  background  for  the  life  insurance  business  of 

1922  and  constitute  a  favorable  prophecy  for  wholesome  business 

onditions   generally   during  the   ensuing  year.      The   first   group 

treated  in  the  following  pages  demonstrates  that  the  people  of  the 

heakh  as  in  1921-there  being  an  appreciable  reduction  from  all 
previous  records  m  the  number  of  deaths  among  insured  lives     The 

TsTL'T  "''.  ""  '°"^"'  ''°"'  9.58  per  thousand  in  x^ 
to  8.24  per  thousand  in  1921-a  saving  of  one  and  one-third  lives 


#!J 


<■'! 


per  thousand.     Applying  these  statistics  to  the  general  population 
of  the  two  countries,  a  probable  saving  of  i53»ooo  l^^es  in  192 1 

over  1920  is  indicated. 

With  no  desire  to  play  upon  words,  the  physical  health  of  the 
nation  indicates  a  sound  mental  and  moral  condition,  as  evidenced 
by  the  amount  of  new  business  issued.    The  old  adage  of  a  sane 
mind  in  a  sound  body  finds  new  justification  in  life  insurance.    It  is 
satisfying  to  note  that  in  192 1  the  American  people  bought  approxi- 
mately 13,150,000  new  life  insurance  policies— only  three-quarters 
of  one  per  cent,  less  than  in  1920,  with  its  remarkable  life  insurance 
expansion.    While  the  $8,535,000,000  of  insurance  represented  by 
these  new  policies  is  about  15  per  cent,  less  than  the  amount  issued 
in  1920,  the  new  business  for  1921  is  2.6  per  cent,  greater  than  that 
of  1919,  which  at  the  time  registered  the  greatest  production  of  new 
business  in  the  history  of  life  insurance.     Although  the  yearly  in- 
crease for  the  last  20  years  has  averaged  10  per  cent.,  the  record  of 
1919  showed  an  increase  of  62  per  cent,  over  that  of   1918.     In 
conjunction  with  the  new  business  issued,  it  is  reassuring  to  note 
that  while  there  has  been  an  increase  in  the  amount  borrowed  by 
policyholders  upon  their  life  insurance  in  1921,  the  proportion  of 
loans  made  to  reserves  is  well  below  the  high  level  reached  in  1914; 
in  the  latter  year  the  accumulated  borrowing  of  policyholders  repre- 
sented 17.95  per  cent,  of  the  reserves,  whereas,  for  the  first  nine 
months  of  192 1  it  was  t)nly  14.68. 

These  two  groups  of  statistics  show  adherence  to  thrift  by  the 
American  people  during  a  period  of  widespread  readjustment.  The 
fact  that  in  the  face  of  decreased  income  and  slackened  business 
activity,  our  people  have  continued  to  make  provision  for  the  pro- 
tection of  their  families  on  a  scale  almost  equal  to  the  highest  point 
ever  reached  and  far  in  advance  of  the  average  of  the  last  10  years, 
indicates  the  stability  of  the  American  character  and  the  emphasis 
given  to  home  life  and  to  protection  of  the  rising  generation. 

The  fourth  and  final  grouping  of  statistics  covers  and  analyzes 
the  subject  of  investments.  For  the  protection  of  policyholders— 
insuring  their  insurance— the  life  insurance  companies  of  the  United 
States  held,  at  the  beginning  of  191 1,  assets  of  $3,875,000,000.  Ten 
years  later,  on  January  i,  192 1,  we  see  these  assets  nearly  doubled, 
the  amount  being  $7,300,000,000.  This  vast  trust  fund  is  invested 
chiefly  in  mortgage  loans  on  real  estate.  United  States  Government 
Bonds,  railroad  securities,  policy  loans.  State,  County  and  Municipal 
bonds  and  real  estate.  Readjustments  of  the  different  classes  of  in- 


vestments from  year  to  year  meet  developing  national  economic 
and  geographical  requirements,  as  is  singularly  illustrated  by  the 
net  increase  of  261  million  dollars  loaned  by  the  companies  on  city 
and  farm  mortgages  during  the  first  ten  months  of  1921.  These  in- 
vestments weld  the  40  million  life  insurance  policyholders— more 
than  a  third  of  our  population— into  a  great  economic  class, 
effectively  though  unconsciously  serving  in  the  maintenance  of  na- 
tional stability  and  social  confidence. 

The  reduced  mortality  experience  indicates  a  people  well  fitted 
physically  to  cope  with  the  new  problems  of  1922,  while  the  other 
groups  of  figures  demonstrate  a  continuity  of  thrift  and  stability  of 
purpose  under  trying  conditions.  These  satisfying  and  stimulating 
statistics,  coming  in  the  closing  weeks  of  the  year  1921,  and  this 
resume  of  the  Convention's  thought  issued  in  fact  as  well  as  in  form 
during  the  holiday  season  may  well  be  termed  a  New  Year's  greeting 
to  the  American  people  from  the  life  insurance  policyholders  of 
the  United  States. 

George  T.  Wight, 

Secretary  and  Manager, 
Association  of  Life  Insurance  Presidents. 

New  York.  December  31,  1921. 


NATIONAL  HEALTH  IN  THE  LIFE  INSURANCE 

MIRROR 

By  Hon.  Robert  Lynn  Cox 

Third  Vice-President,  Metropolitan  Life  Insurance  Co., 

New  York 


The  business  of  Life  Insurance  has  grown  within  recent 
years  to  most  impressive  size.    This  is  attributable  directly  to 
the  abihty  of  its  exponents  to  make  men  think  of  Hfe  and  death 
in  economic  terms.    Life  Insurance  has  taught  the  world  that  in 
one  sense  it  pays  to  raise  men  and  women  just  as  it  pays  to  raise 
horses  and  cattle.     It  pays  in  dollars.     Men   understand  now 
pretty  generally  that  what  human  beings  can  earn  beyond  their 
board  and  keep"  can  be  measured-that  is  to  say  this  can  be 
done  with  reference  to  that  imaginary  being  known  as  "Mr 
Average  Man."    What  he  is  worth  toward  increasing  the  capital 
of  the  world  can  be  definitely  foretold  and  calculated      We 
know  within  a  few  days  or  weeks  of  how  long  he  will  live  and 
just  about  what  he  would  bring  if  he  could  be  put  upon  the 
auction  block     Uncertainty  as  to  the  span  of  life  relates  only  to 
the  individual  life.     Death  holds  no  terror  of  uncertainty  for 
Mr  Average  Man.    Statistics  based  upon  the  actual  experience 
of  Life  Insurance  companies  have  proven  absolutely  the  number 
of  his  years.     He  neither  fears  less  nor  hopes  for  more      He 
knows. 

.f.fr-  *^*'"^'"«^^°f  Life  Insurance,  speaking  from  the  cold 
standpoint  of  figures,  is  merely  a  plan  for  converting  the  fearsome 
individual  of  unforeseeable  years  of  life,  and  therefore  of  un- 
known economic  worth,  into  an  average  man  with  a  certain  num- 
ber of  years  to  live  and  therefore  of  well  known  and  very  defi- 
nite worth.    In  fact,  there  is  more  certainty  today  of  what  a  fully 


It 


insured  man  is  worth  dead  than  what  he  is  worth  ahve.    Dead 
he  is  worth  as  much  as  the  average  man  or  more.    Ahve,  through 
sickness  or  accident  or  dissipation,  he  may  be  converted  at  any 
moment  into  a  liability.  .  r   -. 

It  is  fortunate  that  this  scheme  for  guaranteemg  a  definite 
number  of  economic  years,  or  we  might  say  for  capitalizmg  the 
economic  worth  of  each  individual  life,  can  be  done  on  ^^^  install- 
ment plan,  with  comparatively  small  annual  outlay.  This  has 
brought  Life  Insurance  within  the  reach  of  all,  and  carried  it 
into  most  homes  in  this  country. 

We  as  Life  Insurance  men,  see  the  problem  of  "National 
Health  in  our  Life  Insurance  Mirror"  as  an  economic  problem  of 
wide  interest  and  great  importance.  We  see  it  through  the 
eyes  of  forty  million  people  with  whom  we  have  contracts 
directly  related  to  the  length  of  time  they  are  expected  to  live. 
Of  necessity  we  approach  this  question,  as  we  do  all  others,  from 
the  standpoint  of  Mr.  Average  Man,  the  man  who  determines 
what  kinds  of  policies  we  shall  issue  and  whose  life  expectancy 
fixes  our  premium  rates  therefor.  We  would  inquire  concerning 
what  is  being  done  to  improve  Health  for  him. 

We  know  that  if  our  business  were  a  lodge  or  society  which 
had  power  to  endow  each  member  with  a  definite  number  of 
years  of  life,  such  as  we  know  are  guaranteed  to  the  Average 
Man-say  35  years  for  a  man  30  years  old,  28  years  for  a  man  0. 
40  20  years  for  a  man  of  50,  and  so  on-initiation  fees  and  annual 
dues  in  such  an  organization  might  be  fixed  high  enough  to  com- 
pare  with  admission  fees  and  dues  in  an  up-to-date  golf  club.    We 
know,  but  have  a  hard  time  convincing  men  outside  of  our  busi- 
ness that  men  who  take  out  and  maintain  an  adequate  amount  of 
life  insurance  receive  an  absolute  guaranteee  of  the  length  of  their 
economic  lives,  a  guarantee  that  as  to  their  net  earning  power 
each  shall  live  his  full  measure   of  life   expectancy.     Seeing, 
as   we   must   and   clearly    do,   the   dollar   and   cent   worth   of 
years  of  living,  let  us  turn  now  to  some  recent  figures  which  show 
how  closely  we  are  in  touch  with  the  losses  caused  by  deaths 
among  the  creators  of  the  wealth  of  the  world. 

The  death  claims  paid  by  the  Life  Insurance  companies  of 
the  United  States  for  the  year  1920  amounted  in  round  numbers 
to  $350,000,000.  Most  of  this  was  paid  on  insured  men,  women 
and  children  who  died  prematurely.  In  fact,  life  conservation 
work  as  it  has  been  developed  in  the  last  two  decades  has  demon- 

8 


strated  to  the  point  of  reasonable  certainty  that  not  less  than 
one-third  and  perhaps  even  one-half  of  all  deaths  which  occur  in 
any  one  year  might  be  postponed  to  subsequent  years  varying  in 
number  somewhat  according  to  geographical  location,  nation- 
ality, occupation,  working  conditions,  etc.  It  has  been  shown, 
for  example,  in  the  experience  of  one  life  insurance  company  that 
within  a  period  of  ten  years,  the  lowering  of  the  death  rate  that 
has  actually  been  achieved  is  equivalent  to  having  added  four 
years  to  the  average  life  expectancy  of  its  male  policyholders. 
If  America  could  remove  Tuberculosis  from  among  the  causes 
of  mortality,  which  has  long  been  the  ambition  of  those  engaged 
in  public  health  work,  it  would  be  equivalent  to  adding  at  least 
three  years  to  the  average  life  span  of  the  entire  population. 

Similar  estimates  made  for  other  preventable  diseases  indi- 
cate that  life  expectancy  can  very  reasonably  be  extended  to  an 
average  maximum  of  seventy  years  instead  of  a  maximum  of  fifty- 
one  years,  as  shown  by  the  Life  Tables  of  1910.  In  terms  of  the 
whole  nation,  such  life  extension  makes  for  such  enormous  in- 
crease of  national  values  that  the  effort  would  be  fully  justified. 

Carefully  prepared  estimates  based  on  government  census 
figures  show  that  the  net  gain  in  economic  wealth  of  this  country 
s  at  the  rate  of  about  $100  per  person  per  annum.  As  this  rate 
s  reached  by  including  in  the  calculations  not  only  minor  chil- 
dren but  also  the  sick,  disabled  and  aged,  it  is  not  difficult  to 
realize  the  far  greater  economic  worth  of  the  really  productive 
people  of  the  country,  upon  whom  falls  the  burden  of  doing  the 
world's  work. 

Assuming,  as  I  think  we  fairly  may,  that  on  the  average  pro- 
ductive male  members  of  the  race  are  worth  "net"  to  the  world  at 
least  $500  a  year  each,  (that  is,  each  is  worth  $500  over  food, 
clothing,  shelter  and  other  costs  of  his  personal  maintenance)  we 
get  a  new  view  of  what  life  prolongation  means  in  money's 
worth. 

Nine  million  men  are  said  to  have  been  killed  in  the  great 
world  war — nine  million  men  whose  average  life  expectancy  was 
about  thirty-five  years.  This  means  that  315,000,000  years  of 
productive  human  activity,  worth  $500  a  year  net,  was  thus  lost 
to  the  world.  Expressed  in  dollars  it  means  that  one  hundred 
and  fifty-eight  billion  dollars  worth  of  human  lives  were  de- 
stroyed by  this  war.  Added  to  this,  perhaps  as  much  more  was 
lost  by  the  disablement  of  those  who  still  live  but  who  have  been 


converted  into  human  liabilities— not  only  worthless  as  pro- 
ducers but  who  from  now  on  must  consume  wealth  that  is  being 
produced  by  others. 

Men  are  accustomed  to  calculate  the  economic  cost  of  the  war 
only  in  value  of  material  things  destroyed  and  supplies  wasted, 
but  in  the  Life  Insurance  Mirror  we  see  this  larger  loss  of  human 
economic  value  that  likewise  was  destroyed  and  is  now  gone 

forever. 

But  this  view  is  retrospective,  resting  upon  that  which  is 
irreparably  lost.  It  is  a  sorry  picture.  Let  us  face  forward,  using 
our  lessons  of  the  past  to  prevent  if  possible  a  repetition  of  such 
colossal  mistakes  in  the  future. 

For  the  avoidance  of  wholesale  slaughter  hereafter,  we,  in 
common  with  other  citizens  with  neither  power  nor  responsi- 
bility, must  rely  upon  those  great  statesmen  and  world  leaders 
assembled  at  Washington,  to  find  ways  of  preventing  future  wars. 
But,  as  patriotic  citizens  of  the  United  States  and  Canada  en- 
gaged in  the  business  of  Life  Insurance,  may  there  not  be  some- 
thing worth  while  we  can  do  to  prolong  the  lives  of  those  who 
still  live  and  of  those  who  are  to  be  born  hereafter  and  thus  make 
up  in  part  at  least  for  our  great  war  loss  of  human  assets? 

In  order  that  we  may  see  both  our  problems  and  our  oppor- 
tunities, the  Association  of  Life  Insurance  Presidents  has  ob- 
tained from  leading  American  Life  Insurance  companies,  and 
this  enabled  me  to  present  in  connection  herewith  in  tabular  form, 
certain  statistics  relating  to  deaths  and  causes  of  deaths  for  the 
first  ten  months  of  1921  and  for  the  corresponding  period  of 

1920. 

The  striking  thing  shown  by  these  figures,  covering  27,000,000 
human  lives,  which  of  necessity  reflect  general  health  conditions 
throughout  the  country,  is  the  extraordinarly  favorable  mortal- 
ity of  the  current  year  in  comparison  with  the  year  1920 — a  year 
which  up  to  that  time  was  one  of  the  best  which  life  insurance 
companies  had  ever  experienced.  These  figures  for  ten  months 
of  1921,  supplemented  by  what  we  know  of  our  mortality  ex- 
perience as  it  has  been  running  since  October  31st,  show  that  the 
United  States  and  Canada,  as  a  whole,  will  close  the  year  1921 
with  a  lower  death  rate  than  has  ever  been  experienced  by  these 
countries  in  any  calendar  year  of  their  history.  Let  us  translate 
this  fact  into  number  of  lives  saved  in  192 1.  The  thirty-seven 
life   insurance   companies   contributing   these   figures   transact 

zo 


about  80%  of  the  life  insurance  business  of  the  coun- 
try and  the  figures  actually  submitted  for  the  first  ten 
months  of  this  year  in  comparison  with  the  first  ten  months  of 
last  year  are  from  a  group  of  policies  representing  in  point  of 
number  55%  of  all  now  outstanding  in  the  United  States. 
Combining  both  Ordinary  and  Industrial  life  insurance 
business,  these  thirty-seven  companies  report  that  while  they 
experienced  in  the  first  ten  months  of  1920,  deaths  numbering 
205,941,  for  the  same  period  this  year  only  184,860  deaths  have 
occurred.  This  shows  a  reduction  of  21,081  in  the  actual  number 
of  their  death  losses  this  year.  But  this  large  number  does  not 
tell  with  entire  accuracy  the  whole  story  of  the  life  saving  of 
the  year  because  it  covers  only  ten  months  and  the  deaths  of 
192 1  occurred  among  a  greater  number  of  lives  at  risk.  By  using 
these  facts  to  correct  our  calculations  it  may  be  said  that  the 
net  saving  for  this  group  of  life  insurance  companies  will  amount 
to  at  least  26,402  lives.  Stated  in  the  usual  mortality  ratios,  it 
means  that  the  death  rate  of  this  year  for  these  companies  will 
be  8.24  per  thousand  instead  of  9.58  per  thousand,  as  it  was  in 
1920. 

This  mortality  gain  translated  into  money  saved  in  the  pay- 
ment of  death  claims  by  all  life  insurance  companies  of  the 
United  States  for  1921,  measured  by  outstanding  insurance,  will 
amount  in  round  numbers  to  at  least  $51,000,000.  This  vast  sum, 
with  the  gains  made  in  1920,  will  go  far  toward  making  up  the 
excess  losses  of  1918  and  1919  occasioned  by  Influenza,  estimated 
conservatively  at  more  than  $170,000,000. 

Using  the  United  States  Census  Bureau's  figures  for  1920  for 
the  registration  area  of  the  United  States,  representing  eighty- 
two  per  cent  of  the  population,  we  find  the  total  officially  re- 
corded deaths  for  last  year  were  1,142,578.  Taking  the  same  rate 
of  mortality  for  18%  not  covered  by  the  registration 
area,  we  reach  an  estimated  total  of  1,389,998  deaths  in 
the  United  States  for  1920.  Applying  the  saving  of  one  and 
one-third  lives  per  thousand  experienced  by  life  insurance  com- 
panies for  the  first  ten  months  of  this  year  to  the  population  of 
the  United  States  and  Canada,  we  find  there  will  be  in  these  two 
countries  a  probable  saving  of  153,000  lives  in  1921  over  1920. 

Let  us  look  now  at  the  various  causes  of  death  as  they  are 
shown  in  the  tables  submitted  herewith,  covering  184,860  cases 
occurring  during  the  first  ten  months  of  1921 : 

II 


mfif^m 


.issssssaa 


:SS3Sm 


Causes  of  Death  Showing  Decreases  in  Rate  for  the  First 

Ten  Months  of  1921  in  Comparison  with  the 

Corresponding  Period  of  1920. 

1st  10  mos.      ist  10  mos. 
1920  1921 

Influenza   • H,94i                 i^730 

Pneumonia   (all  forms) 22,243  I3708 

Tuberculosis  (all  forms) 25,288  22^43 

Other  respiratory  diseases 34^9  ^>/^ 

Bright's  disease ^,652  i4,359 

Puerperal  state 3429                3,i25 

Measles   : ^^}£  f^^ 

Whooping  cough »95  W 

Meningitis  (all  forms) J^  7»2 

Diarrhoea  and  enteritis 2,392  ^,^^/ 

Typhoid   fever    i>328  i,379 

Cerebral   hemorrhage    12,732  12,838* 

Organic  diseases  of  heart 23,738  244*5 

External  causes   (excluding  suicides, 

homicides  and  automobile  acci- 

dents)   ^0'48i  10,084 

Miscellaneous    45,035  47,403 

182,672  158,364 

Causes  of  Death  Showing  an  Increase  in  the  Death  Rate 

Cancer   ^4,^  ^5,865 

Suicides     2'^  ^'^^ 

Homfdde's-:: ...........  1,052  1,322 

Automobile  accidents  and  injuries..  2,311  2,024 

Scarlet  fever   651  942 

Diphtheria ^>555  ^>^^ 

23,269  26,496 

Grand  Total,  All  Causes   205,941  184,860 

We  note  first  that  fifteen  out  of  the  twenty-one  classified 
causes  of  death  show  a  lower  rate  than  they  had  for  the  year 
1920.  In  some  instances  the  reduction  is  very  striking.  Only 
six  out  of  the  twenty-one  show  increases.  It  may  be  of  interest 
to  consider  some  of  the  more  important  ones  in  relation  to  the 
problem  of  improving  average  mortality. 

We     see     at     the     outset     that     about     28%     of     deaths 

♦  Thoueh  certain  causes  of  death  show  increases  in  actual  number  of 
deaths  for  1921  over  1920,  the  rate  per  thousand  is  in  fact  lower  because  of 
the  increased  number  of  lives  at  risk  m  1921. 

xa 


during  this  year  have  been  caused  by  diseases  which 
under  our  present  habits  of  life  are  pretty  sure  to  continue  at 
high  ratios  among  the  various  causes  of  death.  These  diseases 
are  cerebral  hemorrhage,  organic  diseases  of  the  heart  and 
Bright's  disease.  In  the  main  they  are  ailments  of  the  more  ad- 
vanced years  of  life.  To  a  very  great  extent  they  mark  organic 
and  functional  break-downs.  Therefore  we  turn  for  hope  to  the 
other  causes  of  death  constituting  72%  per  cent  of  the  total.  It 
is  among  them  that  we  must  seek  large  results  in  the  prolonga- 
tion of  the  average  human  life. 

Though  we  learn  that  tuberculosis  has  caused  the  enormous 
total  of  22,443  deaths,  that  is  to  say  about  one  in  eight  of  all 
deaths  that  have  occurred  in  1921,  we  have  in  mind  for  purposes 
of  comparison  the  fact  that  no  longer  than  ten  years  ago  its  ratio 
stood  at  causing  nearly  one  death  among  every  four.  This  re- 
markable drop  in  the  tuberculosis  death  rate  is  one  of  the  most 
conclusive  proofs  of  how  much  can  be  accomplished  when  cause 
and  cure  of  a  disease  become  matters  of  common  knowledge  and 
of  community  concern. 

Within  very  recent  years  typhoid  fever  has  been  relegated 
to  a  place  of  minor  importance,  though  in  former  years  it  played 
sad  havoc  with  the  lives  of  our  people.  This  in  large  part  is 
true  of  diphtheria — that  dread  destroyer  of  child  life  for  centuries 
past,  which  in  recent  years  has  been  largely  brought  under 
medical  control  and  thereby  put  in  a  comparatively  minor  place 
among  the  causes  of  death. 

But  a  comparison  of  deaths  in  1921,  with  1920  and  earlier 
years,  shows  such  an  alarming  increase  in  the  mortality  caused 
by  these  two  diseases  as  to  teach  us  that  eternal  vigilance  and 
constant  application  of  medical  knowledge  is  the  price  we  must 
pay  for  escape  from  death-dealing  micro-organisms.  There  is 
really  no  longer  a  good  reason  why  typhoid  fever  or  smallpox  or 
diphtheria  should  be  epidemic  in  this  country  and  yet  we  find 
them  rising  too  frequently  to  that  proportion  in  certain  localities 
because  people  either  fail  or  refuse  to  employ  the  means  through 
which  they  had  been  brought  almost  to  the  vanishing  point  as 
causes  of  death. 

Deaths  from  pneumonia,  as  reported  in  these  tables,  were 
only  13,708  in  192 1  as  compared  with  22,243  ^^  1920,  an  actual 
reduction  from  this  cause  alone  of  8,535  deaths,  or  nearly 
40%.     If  we   take  into   consideration   the  greater   number   of 

13 


■HHnp 


) 


lives  at  risk  in  1921,  we  might  say  that  pneumonia  is  only  about 
one-half  as  serious  a  cause  of  death  this  year  as  it  was  last  year. 
Such  a  large  and  important  variation  as  this  certainly  calls  loudly 
for  more  intensive  study  of  its  causation  and  methods  of  pre- 
vention in  order  that  we  may  be  sure  of  holding  the  gain  achieved 

in  1921. 

The  most  amazing  factor  in  the  health  situation  of  the  year 
is  the  almost  complete  disappearance  of  influenza  as  a  cause  of 
death.  Only  1,730  deaths  are  reported  for  ten  months  of  1921, 
as  against  14,941  for  the  corresponding  period  of  1920  which  was 
not  regarded  as  an  epidemic  year.  In  fact  the  rate  has  been  lower 
in  1921  than  for  any  other  year  within  the  last  ten,  and  there  is 
no  indication  of  any  upward  tendency  as  the  year  is  drawing  to 

an  end. 

But  there  are  always  some  exceptions  to  be  noted  and  men- 
fion  must  now  be  made  of  certain  causes  of  death  that  are  show- 
ing increases  over  those  of  last  year.  Suicides  and  homicides 
amounting  to  4,174,  have  increased  by  the  number  of  1,026  or 
about  four  times  what  the  increase  would  have  been  had  the 
rate  per  thousand  of  1920  remained  constant  for  1921.  This 
doubtless  is  a  direct  result  of  war  reactions,  business  depression, 
unemployment  and  other  phases  of  economic  disturbance,  and 
will  largely  cure  itself  as  times  improve. 

A  matter  of  no  small  concern  among  the  increasing  causes  of 
death  is  the  steadily  mounting  mortality  caused  by  automobiles 
and  other  motor-driven  vehicles.  The  number  of  deaths  in  1921 
reported  by  the  life  insurance  companies  that  furnished  their 
figures  for  the  compilation  on  which  this  paper  is  based,  was 
2,624,  which  is  an  increase  of  nearly  159^  over  1920. 

We  are  rightfully  concerned  over  untimely  deaths  caused  by 
micro-organisms  of  the  vegetable  and  animal  kingdoms  and  are 
willing  to  spend  time  and  money  freely  in  trying  to  isolate,  study 
and  catalogue  them,  to  the  end  that  their  ravages  may  be  held 
in  check.  We  talk  learnedly  of  bacteria  and  bacilli  but  overlook 
the  "Bacillus  Automobilis"  whose  presence  behind  the  wheel  of 
his  juggernaut  can  be  discovered  without  aid  from  the  micro- 
scope and  whose  homicides  might  be  largely  prevented  by  more 
effective  policing  of  our  congested  highways.  Our  experience 
for  ten  months  shows  that  ten  thousand  human  lives  will  be 
brought  to  premature  deaths  in  192 1  by  motor-driven  vehicles, 
at  an  economic  loss  to  the  world  of  at  least  $25,000,000,  Cid  yet 


we  are  in  the  habit  of  counting  automobiling  cost  in  terms  only 
of  cars,  gasoline,  tires  and  accessories. 

As  members  of  the  human  race,  we  sense  as  other  men  do, 
the  agonies  of  the  heart  that  result  from  family  separations  and 
we  sympathize  fully  with  our  fellow  men  in  the  mental  suffering 
occasioned  by  the  deaths  of  the  loved  ones.    But  as  life  insurance 
men  we  are  compelled  to  go  further  and  count  other  costs  as  well. 
In  some  respects  we  are  like  the  Red  Cross  workers  behind  the 
battle  line.    We  count  the  dead  and  succor  the  wounded.    We 
are  back  of  every  sector  on  which  the  enemy  is  making  an  attack. 
We  know  each  day  how  many  have  fallen  and  from  what  causes. 
We  record  and  tabulate  our  information  months  and  almost  years 
ahead  of  the  reports  that  are  given  out  from  headquarters  in 
Washington.    Does  it  not  seem  that  in  some  way  we  should 
arrange  for  more  direct  communication  and  greater  co-operation 
with  the  forces  that  are  fighting  the  battle  for  better  health  and 
longer  average  life?    From  the  nature  of  our  business  and  its 
wide  spread  over  the  entire  country  and  in  all  kinds  of  homes 
we  know  better  and  sooner  than  any  other  organization  or  agency 
the  trend  of  public  health  and  just  what  is  causing  deaths  among 
the  people  from  week  to  week.    Why,  therefore,  should  we  not 
resolve  here  and  now  to  make  the  Association  of  Life  Insurance 
Presidents  a  statistical  clearing  house  to  which  we  shall  hence- 
forth report  deaths  and  causes  of  death  every  month,  to  the  end 
that  the  Association  may  in  turn  tabulate  them  and  make  reports 
in  aggregate  to  such  Government  and  State  Departments  as  need 
such  information  and  will  use  it  in  fighting  the  battle  for  better 
National  Health  and  longer  life  for  Mr.  Average  Man— for  him 
who  is  the  composite  of  us  all. 

Treatment  and  cure  of  disease  will  always  be  in  demand,  of 
course,  but  we  must  look  to  preventive  medicine  for  large  results 
in  the  prolongation  of  human  life.  Great  progress  has  been  made 
within  very  recent  years  and  it  may  possibly  be  that  the  lowered 
death  rate  of  192 1  is  the  beginning  of  a  fulfillment  of  prophecies 
made  a  few  years  ago,  that  the  average  span  of  life  would  some 
day  be  lengthened  by  several  years.  However  that  may  be,  let  us 
form  as  many  alliances  as  possible  and  consolidate  our  forces 
with  a  view  to  holding  the  very  substantial  gains  we  have  made. 
To  revive  a  war  phrase,  "Let  us  dig  in,  on  the  line  of  our  advance." 
We  see  in  the  Life  Insurance  Mirror  more  clearly  than  anything 
else  that  many  diseases  make  disastrous  headway  more  because 

15 


\ 


i^ 


^tttS.^-it'-'^.r-'^- 


Of  belated  interest  and  tardiness  of  action  on  the  part  of  Health 
Officers  than  from  any  lack  of  knowledge  of  what  to  do  m  the 
face  of  danger  fully  realized. 

T  et  us  therefore  be  more  alert  to  sound  alarms. 

i  :s  furSsh.  as  we  can  very  easily,  the  advance  informat.0^^^ 
on  which  intelligent  action  may  be  taken  to  prevent  the  ravages 
o?  those  preventable  diseases  which  are  shortemng  so  much  the 

^^r/  usTvVlinest  and  stimulative  support  to  the  agencies 
that  are  working  to  stamp  out  these  unnecessary  and  mexcusable 

""St'thus  help  toward  improving  average  longe^^^y  and 
therebv  eain  for  our  policyholders  not  only  a  correspondmg  re- 
duct  on  fn  the  cost  o'f  their  life  insurance,  but  also  what  they 
tani  most-additional  years  of  life  and  happiness  on  this  earth. 


TABLE   A. 
C.n,p.H.on  .»  C.u...  .t  D..th  ,.r  Flr,t  Ten  Month,  of  1M0  .nd  1«1. 
ordinary  Bu.ln...  of  Thlrty-ev.n  LIf.  In.ur.ne.  Comp.nl... 
Number  of  De.th.  .nd  D..th  R.te.  p.r  100,000  Expo,^. 


Causes  of  Death 


Ordinary  Business 


1st  10  Months  1920        1st  10  Months  1921 


No. 
Deaths 


D.R.per 

lOOM 


No. 
Deaths 


1. 

2. 

3. 

4. 

5. 

6. 

7. 

8. 

9. 
10. 
11. 
12. 
13. 


'' 


IS, 


Typhoid  fever   

Influenza    •'",;••  y  "' \ 

Tuberculosis   (all  forms) 

Cancer    • 

Cerebral   hemorrhage 

Organic  diseases  of  heart 

Pneumonia    (all    forms) 

Other  respiratory  diseases  . . . . 

Bright's  disease   

Puerperal   state    

Suicides    

Homicides    .•  •  •  •  •  •  •  •  *  j*  •;* ' 

Automobile    acadenU    and    m 

juries •• 

Other   external   causes 

AH  other  causes 


16.  ToUl  All  Causes. 

Years  of  life  exposed  to  risk. 


503 
5,964 
5.163 
4.828 
4.117 
6.871 
6.201 

752 
4.097 

347 
1,240 

302 

873 

3.497 

16,128 


6.7 

542 

79.0 

555 

68.4 

4,744 

64.0 

5,194 

54.6 

4.131 

91.1 

6,944 

82.2 

3.741 

10.0 

700 

54.3 

4,053 

4.6 

378 

16.4 

1.722 

4.0 

468 

D.R.  per 

lOOM 


60.883 


11.6 

46.3 

213.7 


806.8 


7,546,231 


953 

3,351 

18.113 


55.589 


7,811,171 


6.9 

7.1 
60.7 
66.5 
52.9 
88.9 
47.9 

9.0 
51.9 

4.8 

22.0 

6.0 

12.2 

42.9 

231.9 


Percentage 
1921  o 


Deaths 


920 


Death 
rate 


711.7 


107.8 

9.3 

91.9 

107.6 

100.3 

101.1 

60.3 

93.1 

98.9 

108.9 

138.9 

155.0 

109.2 

95.8 

112.3 


103.0 

9.0 

88.7 

103.9 

96.9 

97.6 

58.3 

90.0 

95.6 

104.3 

134.1 

150.0 

105.2 

92.7 

108.5 


91.3        88.2 


;  .     ,,  .^^  :„  the  above  tabulation  is  based  upon  68.64%  of  the  toUl 

The  mortality  «P<"«."<=^'"l'LirDJ^ember  31,  1920.  in  all  American  companies, 
ntunber  of  Ordinary  PO^^'"  |"  *^!f^  ThTfirstten  months  of   1921.  Ordinary,  is  91.30%   of  the 

The  total  2"™^*'  °*itr2f  1920      Decrease  8.70%. 
deaths  for  the  first  ten  months  oi  ly*"- 


TABLE   B. 

Comparison  of  Cause,  of  Death  for  First  Ten  Months  of  1920  and  1»21. 

Industrial  Business  of  Four  Life  Insurance  Companies. 

Number  of  Deaths  and  Death  Rates  per  100.000  Exposed. 


Causes  of  Death 


Industrial  Business 


1st  10  Months  1920    |    1st  10  Months  1921 


Percentage, 
1921  of  1920 


No. 
Deaths 


1. 

2. 

3. 

4. 

5. 

6. 

7. 

8. 

9. 
10. 
11. 
12. 
13. 
14. 
15. 
16. 
17. 
18. 
19. 

20. 
21. 


Typhoid  fever  

Measles     

Scarlet   fever    

Whooping  cough    

Diphtheria    

Influenza 

Tuberculosis  (all  forms) .... 

Cancer 

Meningitis    (all    forms) 

Cerebral   hemorrhage    

Organic  diseases  of  heart. . 
Pneumonia  (all  forms)  . .  •  • 
Other    respiratory    diseases.. 

Diarrhoea  and  enteritis 

Bright's   disease    

Puerperal    state    

Suicides    

Homicides •••.•* 

Automobile    accidents    and    in- 
juries      

OlluT   external    causes.. 
All  other   causes 


D.R.  per 
lOOM 


•   ••••• 


825 

1,148 

651 

895 

2,555 

8.977 

20.125 

9.776 

881 

8,615 

16;867 

16,042 

2,737 

2.392 

10,555 

3,082 

856 

750 

1.438 

6.984 

28,907 


22.  Total  All  Causes 

Years  of  life  exposed  to  risk. 


145.058 


13.947.865 


5.9 

8.2 

4.7 

6.4 

18.3 

64.4 

144.3 

70.1 

6.3 

61.8 

120.9 

115.0 

19.6 

17.1 

75.7 

22.1 

6.1 

5.4 

10.3 

50.1 

207.3 


No. 
Deaths 


D.R.  per 
lOOM 


1040.0 


837 

492 

942 

547 

2,891 

1,175 

17,699 

10,671 

782 

8,707 

17,471 

9,967 

2.032 

2,327 

10.306 

2.747 

1,130 

854 

1.671 

6.733 

29.290 


5.7 
3.4 
6.4 
3.7 
19.8 
8.0 
121.0 
72.9 
5.3 
59.5 
119.4 
68.1 
13.9 
15.9 
70.5 
18.8 
7.7 
5.8 

11.4 

46.0 

200.2 


Deaths 


Death 
rate 


129.271 


14,628,245 


101.5 
42.9 

144.7 
61.1 

113.2 
13.1 
88.0 

109.2 
88.8 

101.1 

103.6 
62.1 
74.2 
97.3 
97.6 
89.1 

132.0 

113.9 

116.2 

96.4 

101.3 


883.7 


89.1 


96.6 
41.5 

136.2 
57.8 

108.2 
12.4 
83.9 

104.0 
84.1 
96.3 
98.8 
59.2 
70.9 
93.0 
93.1 
85.1 
126.2 
107.4 

109.8 
91.8 
96.6 


85.0 


The  Industrial  business  of  the  four  companies  included  above  represent  51.38%  of  the  total 
deaths  for  the  first  ten  months  of   1920.     Decrease  iu.»o  A>. 


17 


\ 


■    i 


«ttd^MilMidiMkitfa« 


TABLE   C. 

Comparison  of  Causes  of  Death  for  First  Ten  Months  of  1920  and  1921. 

Ordinary  Business  of  Thlrty-seven  Life  Insurance  Companies  and  Industrial  Business 
'  of  Four  Life   Insurance  Companies. 

Number  of  Deaths  and  Death  Rates  per  100,000  Exposed. 


Causes  of  Death 


1st  10  Months  1920 


1.  Typhoid   fever    

2.  Influenza    

3.  Tuberculosis   (all  forms) 

4.  Cancer    

5.  Cerebral   hemorrhage    

6.  Organic  diseases  of  heart.... 

7.  Pneumonia   (all  forms) 

8.  Other    respiratory    diseases... 

9.  Bright's  disease    

10.  Puerperal   state    

11.  Suicides    

12.  Homicides    •  •  •;  • 

13.  Automobile    accidents    and    in 

juries    

14.  Other   external    causes 

15.  All     other     causes,     excluding 

children's   diseases   on    Ind'l 
business     


No. 
Deaths 


16.  Sub- total— (lines  1  to  15) 


1,328 

14,941 

25,288 

14,604 

12,732 

23,738 

22,243 

3,489 

14,652 

3,429 

2,096 

1.052 

2,311 
10,481 


45,035 


D.R.p< 

lOOM 


er 


197,419 


6.2 

69.5 

117.7 

67.9 

59.2 

110.4 

103.5 

16.2 

68.2 

16.0 

9.8 

4.9 

10.8 
48.8 


209.5 


1st  10  Months  1921 


No. 
Deaths 


918.5 


1,379 

1,730 

22.443 

15,865 

12.838 

24,415 

13,708 

2,732 

14,359 

3,125 

2,852 

1.322 

2,624 
10.084 


47,403 


D.R.  per 

lOOM 


176,879 


CHILDREN'S  DISEASES* 


1 7.  Measles    

18.  Scarlet   fever    

19.  Whoouinjf  cough    

20.  Diphtheria    

21.  Meningitis  (.ill  forms).. 

22.  Diarrhoea  and  enteritis. 


23.  Sub-total — Children's    diseases' 

24.  Grand  Total  All   Causes 

Years  of  life  exposed  to  risk**... 


1,148 
651 
895 

2,555 
881 

2,392 


8,522 


205,941 


21,494,096 


61.1 


958.1 


6.1 

7.7 

100.0 

70.7 

57.2 

108.8 

61.1 

12.2 

64.0 

13.9 

12.7 

5.9 

11.7 
44.9 


211.2 


Percentage, 
1921  of  1920 


Deaths 


Death 
rate 


788.3 


8.2 

492 

4.7 

942 

6.4 

547 

18.3 

2,891 

6.3 

782 

17.1 

2,327 

7,981 


184,860 


22,439,416 


103.8 

11.6 

88.8 

108.6 

100.8 

102.9 

61.6 

78.3 

98.0 

91.1 

136.1 

125.7 

113.5 
96.2 


105.3 


89.6 


98.4 

11.1 

85.0 

104.1 

96.6 

98.6 

59.0 

75.3 

93.8 

86.9 

129.6 

120.4 

108.3 
92.0 


100.8 


85.8 


3.4 
6.4 
3.7 

19.8 
5.3 

15.9 


54.6 


823.8 


42.9 
144.7 

61.1 
113.2 

88.8 

97.3 


93.7 


89.8 


41.5 
136.2 

57.8 
108.2 

84.1 

93.0 


89.4 
86.0 


•For  Industrial  Companies  only.    Death  rates  in  lines  17  to  23  based  upon  Industrial  exposure 

*°  '*The  mortality  experience  included  in  the  above  tabulation  is  based  upon  68.64%  of  the  total 
number  orOrdin'^rypok^  in  force  December  31,  1920,  and  51  38%.  of  the  total  number  of 
Industri^  policies  in  force  December  31,  1920.  as  reported  for  all  American  companies,  while  the 
io^hfo^H   exnerience   represents   55.72%    of    all  policies  both   Ordinary   and   Industrial  . 

'°"  The  toraT'rmberTf   de"aths   for   the   first  ^ten    months   of    1921,    Ordinary   and   Industrial,   is 
89  76%  of  the  deaths  for  the  first  ten  months  of  1920,  a  decrease  oi\O.U%. 
^       ••For  computing   death   rates   in  lines    1    to    15.  and   24,   combined   Ordinary  and   Industrial 

business. 


NEW  LIFE  INSURANCE  BUSINESS  OF  1921 ; 

WHAT  IT  MEANS 

By  John  M.  Holcombe 

President,  Phoenix  Mutual  Life  Insurance  Co., 

Hartford,  Conn, 


I  bring  for  your  cogitation  and  reflection  the  latest  figures 
disclosing  the  new  life  insurance  business  in  1921  and  ask  you  to 
consider  with  me  the  significance  of  these  figures.  By  so  doing, 
we  will  be  stimulated  from  the  volume  indicated,  and  by  compari- 
son and  analysis  can  proceed  more  intelligently  to  the  work  of 
the  succeeding  year.  Returns  have  been  furnished  by  148  of  the 
272  life  insurance  companies  doing  business  in  the  United 
States.    These  148  companies  wrote  97%  of  the  new  business  of 

1920.  Their  1921  returns  are  based  on  the  actual  amount  of  new 
business  paid  for  up  to  November  ist  of  this  year,  plus  an  esti- 
mate for  the  remaining  two  months. 

From  these  returns  it  is  estimated  that  the  new  busi- 
ness record  for  192 1  will  show  the  issue  of  13,150,000  policies, 
representing  insurance  to  the  amount  of  $8,535,ooo,<X)0.  In  1920, 
the  number  of  new  policies  issued  was  13,248,000,  insuring  $10,- 
105,000,000.  The  192 1  record,  therefore,  shows  a  comparatively 
small  decrease  in  the  number  of  policies  issued,  but  about  15% 
less  in  the  insurance  represented  by  these  poHcies. 

Twenty  years  ago,  in  1901,  American  life  insurance  companies 
wrote  $2,020,ooo,cx)o  of  new  insurance.  A  decade  later,  in  1911, 
the  amount  of  new  insurance  was  $2,870,000,000,  an  increase  of  a 
little  more  than  one-third.  In  192 1,  therefore,  the  issue  was 
almost  three  times  that  of  1911.  In  the  years  1919  and  1920, 
the  issues  were  much  greater  than  ever  before.  Money  was 
plentiful  and  the  results  of  the  war  and  the  epidemic  of  influenza 
had  impressed  upon  the  people  the  need  of  life  insurance.     In 

1 92 1,  however,  the  business  has  been  affected  by  trade  condi- 

19 


I 


''I 


18 


ta 


F 


tions,  strikes,  loss  of   employment  and  general  retrenchment 
Notwithstanding  this,  the  amount  of  life  insurance  this  year  will 
exceed  that  of  any  single  year,  with  the  exception  of  1920. 

It  is  pertinent  to  note  additional  facts  in  the  background  in 
discussing  the  new  insurance  of  the  last  three  years.     Up  to 
1919,  new  life  insurance  each  year,  on  the  average,  increased 
about  10%.    This  was  the  experience  covering  about  20  years. 
One  year  the  increase  was  as  high  as  18%.    Another  year  it  was 
as  low  as  4%.     In  four  different  years,  including  1914,  there 
were  decreases  in  the  amount  of  new  business.     But,  on  the 
average,  roughly  speaking,  an  annual  increase  of  10%  is  shown. 
Then    in  1919,  came  the  unparalleled  increase  of  62%  over  the 
new  business  of  1918.    Most  of  us  in  the  life  insurance  business 
would  have  been  satisfied  at  the  time  if  the  1920  new  business 
had  equalled  that  of  1919.    We  could  hardly  expect  an  increase. 
Yet  it  eventuated.     When  the  returns  for  1920  were  in,  it  was 
found  that  the  new  business  was  21%  greater  than   in   1919. 
Therefore,  that  the  aggregate  amount  of  new  life  insurance  m 
1921  is  less  than  that  issued  in  1920,  is  cause  neither  for  surprise 
nor  disappointment.    In  moral  potentiality,  considering  the  con- 
ditions under  which  the  1921  new  insurance  was  bought  by  the 
American  people,  the  results  mark  progress  rather  than  retro- 
gression. 

Whatever  may  be  the  reason  for  the  lessened  amount  this 
year,  it  is  clear  that  the  importance  of  that  protection  which  life 
insurance  alone  can  furnish  has  been  growing  upon  the  people 
for  many  years  past. 

These  figures,  standing  by  themselves,  are  impressive,  but 
can  best  be  understood  by  comparing  them  with  other  records 
and  showing  the  basis  upon  which  they  rest.     The  holder  of 
each  policy  knows,  or  at  all  events  he  should  understand,  that 
his  life  has  a  real  value  in  the  present  worth  of  its  future  earn- 
ings greater  than  the  amount  of  the  insurance.     In  the  aggre- 
gate it  is  safe  to  say  that  these  values  far  exceed  the  total 
amount  of  the  insurance  issued  or  outstanding.     A  contract  of 
insurance   is   one   of   indemnity   and   not   of   profit,    for,   if    it   is 
legitimate,  no  matter  what  kind  of  insurance  it  may  be,  the  thing 
insured  must  be  worth  more  than  the  amount  of  the  insurance. 
Information  taken  from  the  official  reports  of  the  Insurance 
Commissioner  of  Connecticut  may  point  certain  morals.    In  the 
single  year  1920,  the  various  insurance  companies  doing  busi- 

20 


ness  in  that  state  guaranteed  to  its  citizens  protection  against 
damage  by  fire  to  the  amount  of  more  than  $1,000,000,000. 

And  what  is  the  value  in  the  aggregate  of  the  lives  of  the 
thrifty  inhabitants  of  that  ancient  commonwealth?  From  one 
example  some  light  may  be  thrown  on  this  complicated  ques- 
tion. Some  350,000  of  the  total  number  employed  in  industries 
made  reports  to  the  Bureau  of  Labor.  Of  this  number  more 
than  200,000  were  married  men.  The  wages  paid  to  all  these 
workers  amounted  to  $420,000,000,  and  it  is  no  doubt  within  the 
facts  to  assume  that  of  this  sum  the  married  men  received  at  least 
$300,000,000.  As  much  the  greater  number  of  these  men  were 
under  fifty  years  of  age,  it  can  be  taken  for  granted  that  the 
present  value  of  the  future  earnings  of  these  lives  would  average 
at  least  $5,000  each.  On  this  basis  then,  the  value  of  these  men 
alone  would  amount  to  $1,000,000,000.  As  the  officers,  man- 
agers, and  office  employees  of  these  enterprises  are  not  included 
in  these  returns,  it  will  be  realized  that  the  lives  of  these  people 
are  not  among  the  most  productive  and  that  in  the  aggregate 
the  present  value  of  their  future  earnings  is  but  a  small  portion 
of  the  total  value  of  the  earning  power  of  all  the  people  of  that 
state. 

To  what  extent  are  those  dependent  upon  these  lives  pro- 
tected in  the  frugal  state  of  Connecticut?  The  report  of  the 
Insurance  Commissioner  shows  that,  in  the  year  1920,  new  life 
insurance  was  issued  to  the  amount  of  $141,000,000,  and  at  its 
close  there  was  $636,000,000  of  life  insurance  outstanding.  What 
relation  this  sum  bears  to  the  total  value  of  the  property  liable 
to  destruction  would  be  only  guess-work,  but  that  these  lives 
are  insured  for  but  a  small  fraction  of  their  total  value  cannot 
be  doubted. 

It  does  not  require  any  strain  of  my  imagination  to  believe 
that  the  present  value  of  the  future  earnings  of  the  productive 
lives  of  the  State  of  Connecticut,  would  amount  to  ten  times, 
very  likely  twenty  times  the  value  of  this  particular  group. 

Moreover,  without  human  lives  nothing  can  have  a  value. 
Five  hundred  years  before  the  Christian  era  a  splendid  city 
stood  in  the  Island  of  Sicily,  inhabited  by  some  500,000  people. 
Syracuse  was  called  the  wealthiest  city  of  its  times.  Its  streets 
were  lined  with  stately  buildings,  devoted  to  the  requirements 
of  the  times  and  the  comfort  and  pleasure  of  its  inhabitants. 
The  value  of  the  land  was  no  doubt  comparable  with  that  of  a 

21 


< 


11 


similar  city  of  modern  times.  Today  the  number  of  its  citizens, 
gathered  in  what  was  a  small  section  of  the  old  city,  scarcely 
exceeds  30,000.  The  land  is  still  there,  the  neighboring  seas  and 
harbors  are  unchanged,  but  most  of  the  shops  and  warehouses, 
mansions  and  theaters,  are  gone  or  only  remain  in  ruins.  If 
bonds  had  been  issued  for  borrowed  money,  the  holders  would 
look  in  vain  for  the  payment  of  their  obligations,  for  no  matter 
how  valuable  these  lands  may  have  been,  they  have  now  no  earn- 
ing power  to  carry  on  those  transactions  which  produce  an  in- 
come and  create  and  maintain  wealth. 

Some  ninety  years  ago  there  lay  on  the  southern  shore  of 
Lake  Michigan  a  level  plain,  with  but  a  scattering  population, 
valued  by  the  acre  or,  perhaps,  even  by  the  square  mile.  On 
that  land  now  stands  a  city  with  a  population  of  2,700,000  people. 
Great  and  costly  buildings  have  been  erected  for  the  business, 
comfort,  health  and  pleasure  of  its  people.  The  assessed  valua- 
tion of  its  taxable  property  is  some  $1,700,000,000  and  its  bonded 
indebtedness  is  in  excess  of  $70,000,000,  which  amount  has  been 
loaned  to  it  by  investors  living  in  many  places,  near  and  remote. 
These  bonds  are  generally  considered  to  be  secured  by  lands  and 
buildings,  but  both  might  still  remain  and  if  the  men  and  women 
of  the  city  should  depart,  the  real  security  would  be  destroyed, 
for  the  actual  guarantee  grows  out  of  the  activities  and  earnings 
of  the  human  beings  who  now  live  there  or  will  when  these  obli- 
gations mature. 

A  government  bond  does  not  specify  any  visible  property  as 
security  and  no  suit  can  be  instituted  to  enforce  its  payment. 
Upon  what,  then,  does  it  rest  ?  It  depends  wholly  upon  the  earn- 
ing power  of  the  people  occupying  the  country  within  its  juris- 
diction ;  and  whether  the  security  for  a  debt  rests  upon  a  single 
building  or  a  collection  of  structures  of  various  kinds,  or  solely 
upon  the  unsecured  promise  of  a  government,  the  means  to  pay 
come  from  human  effort  guided  by  education  and  experience  and 
animated  by  the  ambition  of  its  people  to  better  their  conditions 
and  care  for  their  dependents. 


RECENT  FLUCTUATIONS  IN  POLICY  LOANS 

By  Henry  S.  Nollen 

President,  Equitable  Life  Insurance  Company  of  Iowa, 

Des  Moines,  la. 


22 


About  18  months  ago,  the  demand  for  loans  on  policies  be- 
gan to  show  a  marked  increase,  which  has  risen  so  steadily 
in  all  of  the  Companies  throughout  the  country  that  an  inquiry 
into  the  prevailing  tendency  among  policyholders  to  borrow 
upon  the  security  of  their  policies  seems  timely. 

At  the  annual  meeting  of  this  Association  in  1913,  General 
Counsel  Robert  Lynn  Cox  presented  a  very  comprehensive 
statement  of  the  growth  and  geographical  distribution  of  policy 
loans  and  premium  notes;  and  President  Arthur  E.  Childs,  of 
the  Columbian  National  Life  Insurance  Company  made  a  con- 
vincing argument  as  a  warning  against  the  continued  increase 
in  such  loans  as  unsatisfactory  in  its  results  to  beneficiaries  and 
policyholders,  as  well  as  to  the  Companies,  and  urged  Company 
executives  to  give  serious  attention  to  this  subject. 

Within  the  eight  years  since  these  papers  were  presented, 
there  have  been  marked  changes  in  the  proportion  of  assets 
of  Life  Companies  invested  in  loans  to  their  policyholders, 
which  may  have  been,  in  part,  due  to  efforts  to  educate  policy- 
holders but  probably  more  to  the  radical  changes  in  economic 
conditions  following  the  course  of  world  events. 

The  accompanying  Chart  i*  gives  a  graphical  presentation 
of  policy  loans  and  premium  notes  to  reserves  from  the  years 
1888  to  September,  1921,  indicating  a  rise  during  the  23  years 
preceding  1915,  when  the  maximum  was  reached,  followed  by 
a  sudden  decline  during  a  period  of  four  years,  until  1919,  when 
the  ratios  again  began  to  rapidly  increase,  as  indicated  from 
the  carefully  prepared  statistics  of  various  companies.  Table 

*See  page  Z7. 

23 


I 


I 

Ij 


i 


1   ! 


I  contains  the  figures  compiled  from  the  Insurance  Year  Book 
for  the  years  1888  to  1920  inclusive. 

In  order  to  analyze  the  trend  of  these  policy  loan  ratios, 
this  Association  has  made  a  compilation  of  data  kindly  reported 
by  companies  showing  the  amount  of  policy  reserves  and  corres- 
ponding amount  of  policy  loans  and  premium  notes  for  each 
state  and  territory,  and  has  classified  these  into  nine  regional 
groups  to  indicate  the  geographical  distribution,  as  follows: 
Group  I.  New  England;  II.  Middle  Atlantic;  III.  Central  North- 
ern; IV.  South  Atlantic;  V.  Gulf  and  Mississippi  Valley;  VI. 
Southwestern;  VII.  Northwestern;  VIII.  Pacific;  and  IX.  Ter- 
ritories. 

These  compilations  are  presented  in  Table  II  for  the  close 
of  the  years  191 1,  1914,  1917,  1919,  1920  and  for  September  30, 
1921.  The  totals  for  the  United  States  of  the  Companies  re- 
porting, upon  each  of  the  dates  named,  are  shown  in  the  fol- 
lowing Table  for  comparison: 


RATIO  OF  LOANS  AND  NOTES  TO  RESERVES 


Date 


Policy 
Reserves 


TABLE 

Amt.  Policy     %  Loans  and 
Loans  and         Notes  to 
Premium  Notes     Reserves 


191 1 2,853,922,642 

1914 3407,605,405 

1917 4,090,694,576 

1919 4,972,895,634 

1920 5,548,497,400 

Sept.  30,   1921..  5,673,258,075 


456,217,360 
611,666,947 
669,206,075 
674,710,662 
768,001,884 
832,689,409 


1596 

17.95 
16.36 

13.57 
13.84 
14.68 


Although  there  is  some  variation  in  the  number  of  Companies 
represented  in  the  above  aggregates,  these  statistics  are  based 
upon  data  supplied  by  Companies  having  approximately  nine- 
tenths  of  the  invested  assets  of  all  Life  Companies  transacting 
business  in  this  country,  and  we  may  reasonably  assume  that 
the  trend  of  the  ratios  of  loans  to  reserves  would  not  be  mate- 
rially changed  in  a  complete  report  of  the  entire  business  of  all 
Companies. 

A  summary  of  the  ratios  for  each  group  is  given  below  with 
figures  for  1907  added  for  comparison: 

24 


Group  of  States 

1907 

1911 

1914 

1917 

1919 

1920 

1921 

I          New  England 

12.19 

14.19 

15.08 

13.37 

11.07 

11.45 

11.93 

II       Middle  Atlantic 

13.65 

15.57 

16.77 

14.67 

12.33 

12.51 

12.93 

III     Central  Northern 

11.21 

13.49 

14.83 

13.35 

11.31 

11.44 

12.18 

IV      South  Atlantic 

13.89 

18.76 

23.71 

23.26 

18.94 

19.50 

2229 

V        Gulf  &  Miss.  Val 

14.18 

19.11 

23.99 

23.51 

19.76 

20.17 

21.94 

VI      Southwestern 

13.26 

18.73 

22.34 

21.89 

17.44 

17.49 

18.76 

VII    Northwestern 

11.88 

16.02 

16.41 

15.00 

12.55 

13.87 

16.05 

VIII  Pacific 

15.69 

20.09 

23.45 
17.97 

21.48 
16.36 

17.46 
13.56 

17.07 
13.84 

17.98 

Total  United  States 

13.07 

15.99 

14.68 

IX      Territories 

10.51 

13.57 

5.43 

16.98 

15.81 

14.05 

12.39 

Total  United  States  and 

Territories 

13.07 

15.96 

17.95 

16.36 

13.57 

13.84 

14.68 

Percent,    admitted    assets 

of  reporting  Companies 

to  assets    of    all    life 

Companies    in    United 

States 

93.19 

92.78 

89.92 

90.69 

93.34 

88.87 

Chart  2  visualizes  the  ratios  contained  in  the  foregoing  Table 
for  each  one  of  the  eight  regional  groups  in  the  aggregate  and 
for  the  United  States.  Charts  3  and  4  are  respectively  similar 
graphs  for  comparison  of  the  states  maintaining  the  lowest  ratio 
in  each  group  and  the  states  maintaining  the  highest  ratio  in 
each  group. 

A  glance  at  these  Charts  is  sufficient  to  indicate  that  there  is 
a  general  uniformity  in  all  of  the  groups  in  the  trend  of  ratios 
of  loans  to  reserves,  and  that  the  variation  from  the  average  in 
the  United  States  is  one  of  degree  rather  than  of  tendency.  All 
attained  the  highest  ratios  in  the  year  1914,  after  which  there 
was  a  general  decline  to  the  year  1919,  followed  by  a  sudden 
increase  in  the  percentages  since  the  beginning  of  1920. 

In  making  a  comparison  of  the  ratios  for  any  state  or  group, 
at  different  periods,  account  must  be  taken  of  the  fact  that  the 
intervals  between  the  dates  are  not  equal.  They  vary  from  four 
years  in  the  first  interval  to  three-quarters  of  a  year  in  192 1.  The 
corresponding  Charts,  however,  show  at  a  glance,  by  the  slant  of 
the  lines,  the  comparative  rate  of  change  as  well  as  the  relative 
amount  of  increase  or  decrease  during  each  one  of  the  successive 
intervals  for  each  group  and  for  each  one  of  the  states  ranking 
highest  and  lowest  in  percentage. 

Analyzing  the  trend  of  the  changes  in  each  group,  it  is  clear 
that  the  general  rate  of  increase  that  prevailed  during:  the  four 

as 


I 


i! 


)! 


years  from  1907  to  the  close  of  191 1  continued  during  the  next 
three  years,  and  that  in  1914  the  peak  in  ratios  was  attained  by 
every  group. 

The  highest  average  for  the  United  States  vi^as  attained  in 
1914,  with  a  percentage  of  17.97.  It  then  steadily  fell  to  13.56% 
in  1919,  and  has  since  increased  to  14.68  in  September,  1921. 

In  the  New  England  and  Northwestern  groups  there  was  a 
slackening  of  the  rate  of  increase  from  the  years  191 1  to  1914 
as  compared  to  the  preceding  four  years.  In  the  Central  North- 
ern and  Middle  Atlantic  and  the  Southwestern  and  Pacific  groups 
the  rate  of  increase  was  practically  uniform  during  the  seven 
years  preceding  1914.  In  the  South  Atlantic  and  the  Gulf  and 
Mississippi  Valley  groups,  there  was  a  slight  acceleration  in  the 
rate  of  increase  from  191 1  to  1914  over  the  preceding  period. 

From  1914  to  1919,  in  all  of  the  groups,  a  remarkable  decline 
in  the  ratios  prevailed,  and  there  is  a  similarity  in  the  trend 
which  was  slower  during  the  first  three  years  and  had  accelerated 
in  the  last  two  years  of  this  five-year  period. 

At  the  close  of  1919,  when  the  drop  in  percentages  had 
leached  its  low  mark,  the  figure  for  the  entire  United  States 
corresponded  closely  to  that  in  the  year  1907.  The  New  Eng- 
land and  Middle  Atlantic  groups  had,  at  that  time,  fallen  below 
their  1907  ratio,  but  the  South  Atlantic  and  Gulf  and  Mississippi 
Valley  groups  still  remained  considerably  above  their  1911  mark. 
A  sudden  change  from  the  downward  trend  to  a  rise  in  loan 
ratios  appears  in  all  of  the  groups  in  the  year  1920,  except  the 
Pacific  group  which  ended  the  year  with  a  lower  mark  than  in 
1919,  but  the  rate  of  decline  was  perceptibly  slackened  and  in 
common  with  every  other  group,  it  recorded  a  very  sharp  in- 
crease during  1921. 

As  will  be  pointed  out  in  a  monthly  record  these  comparisons 
of  the  status  at  the  close  of  the  years  do  not  manifest  the  fluctua- 
tions within  the  year,  so  that  the  conclusion  cannot  be  drawn 
that  the  reversal  of  trend  occurred  at  the  close  of  1919  in  all 
the  groups,  except  the  Pacific  Coast  and  was  there  delayed 
another  year. 

A  monthly  record  for  each  group  would  probably  indicate 
that  the  decline  continued  into  the  early  part  of  1920,  and  that 
the  rise  in  the  Pacific  group  also  began  in  that  year,  although 
perhaps  later  than  elsewhere. 

Considering  the  years  1920  and  1921,  the  most  favorable  con- 

26 


dition  has  prevailed  in  the  New  England  and  Middle  Atlantic 
groups,  in  which  the  increase  in  percentage  for  the  nine  months 
of  1921  is  practically  the  same  as  the  annual  rate  of  increase  in 
the  period  following  the  year  1907.  The  greatest  acceleration 
has  occurred  within  the  past  two  years  in  the  Northwestern  and 
South  Atlantic  groups.  The  Northwestern  has,  within  the  cur- 
rent year,  attained  a  percentage  above  the  average  of  the  United 
States,  which,  in  prior  years,  was  comparatively  low. 

There  is  a  wide  range  in  the  percentages  of  loans  among  the 
various  groups.  The  Central  Northern  group,  until  the  year 
1917,  maintained  the  lowest  ratios,  but  it  has,  in  the  current 
year,  been  displaced  in  low  rank  by  the  New  England  group  with 
a  percentage  of  11.93. 

The  South  Atlantic  and  Gulf  and  Mississippi  Valley  groups 
have  also  maintained  a  close  parallel  in  the  highest  prevailing 
ratios  during  the  entire  14  years.  The  South  Atlantic  group,  in 
192 1,  leaped  above  all  others  with  a  ratio  of  22.29 — nearly  twice 
the  lowest  ratio. 

In  1919  the  New  England  group  declined  to  a  ratio  of  11.07, 
which  was  the  lowest  of  any  group  in  the  entire  14-year  period 
under  observation.  The  Central  Northern  had,  in  that  year,  al- 
most returned  to  its  corresponding  ratio  in  1907,  when  at  11.21  it 
was  lowest.  The  highest  percentage  reached  by  any  group  was 
23.99  in  1914,  attained  by  the  Gulf  and  Mississippi  Valley  group. 

The  relative  position  among  the  groups  of  the  lowest  and 
highest  ratios  is  approximately  the  same  in  192 1  as  at  the  peak 
in  1914. 

The  averages  for  each  group  are  fairly  representative  of  the 
states  contained  in  it,  inasmuch  as  the  groups  are,  in  general, 
homogeneous.  This  is  clearly  shown  upon  examination  of  Chart 
5.  There  is,  however,  a  wide  range  in  the  percentages  attained 
by  the  states  in  each  group  which  they  compose.  This  is  most 
marked  in  the  Southwestern  group  in  the  difference  between  the 
states  of  Missouri  and  Texas. 

In  the  South  Atlantic  group  the  state  of  West  Virginia  main- 
tains ratios  considerably  below  that  of  any  other  state  in  the 
group.  It  compares  favorably  with  the  New  England  and  Cen- 
tral Northern  groups  and  shows  a  decline  in  percentage  of  loans 
during  the  nine  months  of  192 1,  while  the  state  of  South  Carolina, 
in  the  same  group,  shows  the  greatest  increase  not  only  in  its 
group  but  as  compared  to  all  other  states,  viz.,  a  rise  in  the 

27 


I 


I    i 


f  (   t 


ill  i 


actual  percentage  of  loans  of  5.77%,  or  equal  to  more  than  one- 
fourth  of  its  ratio  at  the  beginning  of  192 1. 

Among  all  of  the  states,  New  Hampshire  has  persistently  sup- 
plied the  lowest  ratios  throughout  the  entire  period,  and  the 
state  of  Texas  has  maintained  the  highest  percentages.  In  1914 
the  New  Hampshire  ratio  was  11.85  ^^^  that  of  Texas  33.35 — a 
difference  of  21 J/^  points.  This  was  the  year  in  which  most  of 
the  states  attained  their  highest  ratios,  but  Texas  continued  to  in- 
crease until  1917,  when  it  stood  at  the  maximum  of  all  the  states 
— practically  38%,  while  New  Hampshire  had  shown  a  slight 
decline.  At  the  close  of  September,  192 1,  the  New  Hampshire 
ratio  was  10.33%  and  in  Texas,  32.52% — a  difference  of  22.19 
points.  The  Texas  policyholders  have  evidently  borrowed  more 
than  three  times  as  great  a  proportion  of  their  available  reserves 
as  those  in  New  Hampshire. 

The  states  maintaining  the  lowest  ratio  in  each  group  are: 
New  Hampshire,  New  Jersey,  Ohio,  West  Virginia,  Kentucky, 
Missouri,  Iowa  and  Nevada.  Their  record  is  graphically  shown 
in  Chart  3. 

The  states  recording  the  highest  average  ratios  in  each  group 
are  Massachusetts,  New  York,  Illinois,  Georgia,  Alabama,  Texas, 
North  Dakota  and  Washington,  and  their  record  is  graphically 
shown  in  Chart  4. 

The  general  trend  of  the  ratios  is,  in  most  of  these  states, 
similar  to  that  of  the  groups  and  of  the  United  States,  in  which 
the  highest  ratios  were  attained  in  1914.  One  exception  is  New 
Hampshire,  which  marks  a  steady  decline  from  the  year  191 1  to 
1920  and  a  rise  in  1921.  Minnesota  is  the  only  other  state  which 
attained  its  peak  in  191 1  and  declined  until  the  year  1919. 

In  the  states  of  New  Mexico,  Florida,  Alabama,  Georgia  and 
Texas,  the  rise  continued  until  the  year  1917,  and  then  declined 
as  in  other  states  until  1919.  In  the  state  of  Texas,  the  decline  con- 
tinued until  1920.    These  states  all  show  a  rapid  increase  in  1921. 

In  the  states  of  Virginia,  North  Carolina  and  North  Dakota 
the  rise  in  the  year  1921  has  been  so  great  as  to  bring  the  ratios 
above  the  former  peak  in  those  states  in  the  year  1914.  Two 
of  these  states  are  in  South  Atlantic  group  and  one  in  the 
Northwestern  group,  which  are  the  two  groups  recording  the 
greatest  acceleration  during  the  years  1920  and  1921. 

Considering  only  the  years  1920  and  192 1  there  are  14  widely 
scattered  states  in  which  the  rate  at  the  close  of  1920  stood 

28 


below  the  1919  figure,  but  all  of  these  record  an  increase  in  the 
year  1921.  Among  ten  of  them,  the  net  result  is  a  higher  ratio 
in  September  of  this  year  than  18  months  ago.  Among  four 
of  them  the  increase  has  not  yet  brought  the  ratios  up  to  the 

1919  figure. 

In  the  states  of  Maine  and  West  Virginia  alone  there  is  re- 
corded a  steady  decline  during  the  past  18  months. 

New  Mexico  is  peculiar  in  its  decHne  in  1921,  which  is  slightly 
greater  than  the  increase  in  1920. 

These  variations,  like  the  different  degrees  of  change  mani- 
fested in  the  groups,  probably  indicate  that  the  recent  upward 
trend  in  demand  for  loans  began  at  different  times  in  various 

localities. 

The  comparison  of  ratios  at  the  close  of  the  year  1920  with 
those  of  the  preceding  year  do  not  indicate  the  change  in  trend 
within  the  year.  In  order  to  ascertain,  as  nearly  as  possible,  the 
time  when  the  upward  trend  actually  began  throughout  the  coun- 
try, tabulations  were  made  of  the  monthly  changes  from  figures 
supplied  by  companies  in  different  localities.  The  records  of 
these  companies  so  closely  paralleled  each  other  that  the  average 
ratio  for  each  month,  from  December,  1915,  to  October,  1921,  as 
shown  in  Chart  6,  is  submitted  as  a  fair  indication  of  the  general 
monthly  trend  in  the  United  States. 

The  prevailing  decline  in  ratios  in  the  year  1919  continued 
until  the  month  of  April,  1920,  which  is  the  probable  date  upon 
which  the  general  increased  demand  for  loans  first  manifested 
itself.  In  this  chart,  the  trend  from  the  years  191 5  to  1919  and  the 
net  increase  in  ratio  during  the  year  1920,  correspond  closely 
with  the  records  of  the  groups  in  general.  The  trend  to  the 
month  of  October,  1921,  indicates  that  there  is  no  material 
change  in  the  rate  of  acceleration  and  suggests  that  it  may  be 
continued  for  an  indefinite  time. 

It  is  natural  to  inquire  to  what  extent  the  trend  of  new  busi- 
ness has  affected  policy  loan  ratios.  Chart  6  also  contains  an 
index  of  the  joint  monthly  production  of  certain  representative 
companies  for  comparison  with  the  policy  loan  ratios. 

The  average  production  for  the  years  1914  and  191 5  was  taken 
as  a  base  from  which  to  register  the  relative  "paid  for"  business 
each  month  during  the  past  six  years.  A  uniform  course  of 
progress  is  shown  until  the  fall  of  1918  when  a  rapid  increase 
in  new  business  began  and  continued  until  about  the  month  of 

29 


i 


March,  1920,  since  which  time  there  has  been  a  downward  trend 
in  production. 

The  month  which  records  the  peak  in  production  immediately 
precedes  the  month  showing  the  lowest  ratio  of  loans  to  policy 
reserves. 

Inasmuch  as  the  reserves  upon  policies  in  general  become 
available  for  loans  at  the  end  of  the  second  policy  year,  the  rapid 
growth  of  business  in  the  18  months  prior  to  1920  tends  to 
increase  the  aggregate  of  policy  reserves  at  a  faster  rate  than 
reserves  available  for  loans.  On  the  other  hand,  a  decline  in  the 
rate  of  production  would  tend  to  enlarge  the  proportion  of  policy 
reserves  available  for  loans  in  comparison  to  the  aggregate  of 
all  policies. 

It  is  probable,  therefore,  that  the  decline  in  loan  ratios  prior 
to  March,  1920,  and  the  subsequent  rise  in  these  ratios,  has  been 
augmented  on  account  of  the  abnormal  increase  and  subsequent 
change  in  the  trend  of  new  business  written. 

A  comparison  of  the  geographical  distribution  in  which  the 
lowest  and  highest  ratios  prevailed,  led  to  an  investigation  of 
the  predominating  activities  of  the  population  in  each  group. 
For  that  purpose  Chart  7  was  prepared,  showing  the  ratio  of 
rural  to  the  total  population  in  each  one  of  the  groups  and  for 
the  United  States  and  the  corresponding  ratios  of  policy  loans 
on  December  31,  1919,  and  September  30,  1921.  As  a  general 
rule,  the  higher  loan  ratios  correspond  to  those  districts  in  which 
the  larger  percentage  of  rural  population  prevails. 

In  the  Pacific  group,  where  the  percentage  of  rural  popula- 
tion is  slightly  below  that  of  the  United  States,  there  is  a  higher 
ratio  of  loans;  but  in  all  other  groups  maintaining  a  lower 
ratio  of  rural  population,  there  is  a  correspondingly  lower  ratio 
of  loans  than  shown  in  the  United  States. 

The  Northwestern  group  marks  the  only  other  exception  in 
relative  position.  Its  rural  population  is  greater  in  proportion 
than  the  average  in  the  United  States,  but  until  the  present 
year,  its  percentage  of  loans  was  considerably  below  the  cor- 
responding figure  for  the  entire  country.  At  present,  it  stands 
in  the  same  relation  as  other  groups  and  this  confirms  the  con- 
clusion that  the  trend  of  economic  conditions  has  caused  agri- 
cultural districts  to  avail  themselves  of  loans  on  policies  to  a 
greater  extent  than  other  localities  in  which  other  branches  of 
industry  predominate. 

30 


Deductions  from  these  figures  should  be  drawn  only  with 
due  regard  to  the  fact  that  the  comparisons  presented  are  on 
the  basis  of  percentage  of  loans  to  policy  reserves,  without  ref- 
erence to  the  aggregate  amounts  of  loans  involved. 

In  the  New  England,  Middle  Atlantic  and  Central  Northern 
groups,  where  the  industrial  arts  and  trade  are  dominant  activi- 
ties, the  amount  of  loans  is  reported  to  be  one  and  one-half  times 
the  combined  total  in  the  other  portions  of  the  United  States 
where  agriculture  ranks  as  of  chief  importance. 

A  study  of  the  percentages,  however,  indicates  that  the  trend  of 
loans  has  some  dependence  upon  the  manner  in  which  each  locality 
has  been  aflFected  by  the  recent  change  in  economic  conditions. 

The  scarcity  of  money,  with  resulting  high  interest  rates, 
makes  the  policy  loan  peculiarly  attractive  because  of  its  limited 
low  rate  of  interest  and  availability  on  demand  of  the  borrower, 
without  any  right  of  restraint  by  the  lender.  A  bank  or  other 
lender  may  inquire  into  the  purpose  for  which  a  borrower  pro- 
poses a  loan,  but  the  Life  Company  cannot  control  the  direction 
of  its  policy  loans,  being  under  contractual  obligation  to  supply 
funds  regardless  of  the  purpose  for  which  they  are  to  be  used. 

Although  Life  Companies  do  not  have  a  right  to  make  the 
inquiry,  a  number  of  policyholders  have  voluntarily  stated  the 
needs  that  compelled  them  to  apply  for  a  policy  loan,  and  from 
this  source  we  find  that,  particularly  within  the  past  18  months, 
the  following  reasons  have  prevailed : 

To  pay  premiums  on  policies. 

To  pay  interest  due  on  obligations  to  banks. 

To  pay  maturing  notes  to  banks,  or  portions  of  indebted- 
ness to  procure  extensions  on  the  balance. 

To  pay  outstanding  accounts  to  merchants  and  for  profes- 
sional service. 

To  pay  rental  on  farms. 

To  pay  taxes — particularly  during  the  last  half  of  192 1. 

To  purchase  supplies  for  current  needs  of  equipment,  food 
and  clothing. 

To  meet  the  pressing  demand  of  creditors  who  could  force 
a  premature  sale  of  stock  or  grain  at  a  sacrifice. 

In  some  instances,  to  invest  the  proceeds  of  the  loans  at  a 
profit. 

A  survey  of  the  occupations  of  policyholders  who  have 
recently  borrowed  on  their  policies  discloses  the  fact  that  they 
represent  every  branch  of  human  activity,  and  no  class  or  locality 

31 


f   ^ 


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.  .^i^rW9«*'rc«asawB!""««*<».'-*'- 


iCX-.-iaflk-i^ 


i 


!      ! 


has  remained  exempt.  Bankers,  as  well  as  farmers ;  merchants 
and  those  engaged  in  the  professions ;  manufacturers  and  execu- 
tives of  large  enterprises,  as  well  as  employees— are  mingled  in 
the  list  of  borrowers,  which  may  account  for  the  fact  that  in  the 
past  year  the  average  amount  loaned  to  each  policyholder  has 
steadily  risen. 

The  various  reasons  for  their  demands  may  all  be  summarized 
in  one  underlying  cause— ''financial  stringency" 

Many  loans  were  applied  for  in  the  beginning  of  the  recent 
advance  because  the  rate  of  interest  for  these  loans,  fixed  in  the 
policy,  was  far  below  the  current  market  rates,  but  later,  those 
in  need  of  funds  found  it  impossible  to  procure  them  at  banks  or 
elsewhere  regardless  of  their  financial  standing  in  their  com- 
munity. 

Reports  have  been  general  that  practice  prevailed  among 
bankers  to  urge  policyholders  to  borrow  on  their  policies  for  the 
purpose  of  reducing  local  debts  and,  so  far  as  possible,  aiding  in 
the  process  of  liquidation.    The  heaviest  increase  in  demands  for 
policy  loans  came  at  the  time  when  the  general  campaign  to 
liquidate  so-called  "frozen  credits"  began,  and  banks  throughout 
many  sections  were  compelled  to  discontinue  making  new  loans 
Among  the  country  bankers  who  have  procured  loans  on  their 
policies,  some  have  made  excuse  on  the  ground  that  they  wished 
to  avoid  criticism  for  reporting  obligations  to  their  own  banks 
m   official   statements.     Others  have   frankly   stated   that  they 
were  borrowing  the  Hmit  on  all  their  policies  because  they  could 
re-loan  the  proceeds  at  a  much  higher  rate  of  interest  and  make 
considerable  profit.    In  one  case,  it  was  stated  the  profit  would 
pay  the  annual  premiums  on  the  policies. 

These  instances  cited  indicate  the  important  benefit  which 
the  policyholder  has  in  having  a  fixed  policy  loan  privilege  in 
his  contract  which  is  not  subject  to  fluctuating  interest  charges 
It  IS  true,  however,  that  the  Life  Company  is  compelled  to  be 
prepared  to  meet  demands  for  policy  loans,  with  the  result  that 
in  times  of  general  financial  stress  these  investments  bring  a 
lower  rate  of  return  than  the  company  could  realize  on  other 
high  grade  securities. 

The  following  case  is  doubtless  a  fair  example  of  the  experi- 
ence of  many  policyholders  in  not  only  agricultural  districts  but 
elsewhere:  A  well-to-do  farmer,  who  owns  a  large  tract  of  land 
well  equipped  with  stock,  and  who,  under  ordinary  conditions 

32 


had  credit  at  his  local  bank  which  would  enable  him  to  borrow 
$5,000  on  his  unsecured  note,  sought  in  vain  for  the  accommoda- 
tion of  a  loan  at  his  bank  and  in  neighboring  communities.  As  a 
last  resort,  he  procured  a  loan  on  his  policy  which  had  long  been 
in  force.  On  receiving  the  check,  he  expressed  gratitude  to  the 
agent  for  this  timely  help,  stating  that  he  had  never  expected  to 
find  it  necessary  to  borrow  from  the  Company  on  his  policy; 
had  considered  the  mention  of  a  policy  loan  a  mere  sales  talk 
but  now  it  seemed  to  be  the  only  source  of  assistance  for  press- 
ing needs. 

Some  tenant  farmers  have  used  the  proceeds  of  policy  loans 
to  pay  cash  rents  due  and  not  available  from  the  sale  of  products. 
They  have,  as  a  class,  felt  the  depression  in  prices  of  the  fruits 
of  their  toil  more  keenly  than  those  who  owned  the  land  they 
cultivate. 

The  sudden  drop  in  prices  of  farm  products  has  naturally 
aflFected  the  general  business  conditions  in  all  agfricultural  com- 
munities, and  this,  combined  with  the  restriction  of  loans,  is  a 
potent  reason  for  the  comparatively  larger  increase  in  policy 
loans  in  these  sections  of  the  country. 

An  estimate  from  available  tabulations  indicates  that  the  total 
volume  of  loans  to  policyholders  in  all  companies  is  now  ap- 
proximately nine  hundred  and  forty  million  dollars,  and  it  is 
likely  that  at  the  close  of  the  current  year  the  volume  will  have 
reached  the  billion  mark,  having  nearly  doubled  in  the  past 
ten  years. 

Since  the  beginning  of  January,  1920,  there  has  probably  been 
an  increase  in  these  loans  in  all  American  companies  which  will 
approximate  at  the  end  of  this  year  two  hundred  millions  of 
dollars,  which  has  been  distributed  among  policyholders  through- 
out the  country  and  through  them  into  the  communities  where 
the  greatest  need  for  financial  assistance  has  prevailed. 

This  is  indeed  a  notable  service  rendered  by  Life  Insurance 
Companies  and  gives  renewed  evidence  of  their  utility  to  the 
public  under  all  conditions.  There  is,  however,  a  warning  due 
policyholders  who  may  not  have  a  full  appreciation  of  the  re- 
sponsibility they  assume  in  placing  liens  upon  their  policies. 
Too  many  regard  such  loans  as  a  withdrawal  of  savings  for  per- 
sonal use  instead  of  a  mortgage  upon  funds  intended  for  protec- 
tion of  their  dependents  when  in  great  need.  The  failure  to 
understand  this  vital  fact  causes  neglect  in  repayment  of  loans 

^  33 


H-tr^'it'^-njilitt 


;i;V'CSa**Q£.'S 


and  leads  to  numerous  lapses  of  insurance  and  great  reduction 
in  the  benefits  to  needy  dependents. 

The  vast  majority  of  policyholders  are  comparatively  small 
property  owners.  Many  would  leave  no  estate  without  life 
insurance.  Their  dependents  may  be  left  in  want  through  neg- 
lect of  the  obligation  to  keep  insurance  in  full  force  and  as  free 
of  liens  as  possible. 

Companies  should,  therefore,  put  forth,  through  their  office 
and  field  forces,  a  systematic  effort  to  persuade  policyholders  to 
repay  their  loans  as  soon  as  their  financial  condition  will  war- 
rant so  as  to  replenish  the  reservoir  which  they  found  so  great  a 
means  of  relief  in  a  time  of  general  stress. 

The  trying  position  from  which  so  numerous  a  body  of  policy- 
holders have  sought  relief  through  policy  loans,  should  be  a 
forceful  example  of  the  future  needs  of  their  dependents,  and, 
therefore,  they  can  be  made  to  realize  that  a  policy  loan,  like 
any  other  loan,  should  be  regarded  as  an  obligation  to  be  repaid 
— particularly  because  these  loans  represent  the  withdrawal  of 
savings  intended  for  the  use  of  beneficiaries.  Unlike  other  loans, 
the  lender  can  bring  no  pressure  for  repayment,  but  companies 
gladly  accept  partial  payments  at  any  time  and  encourage  the 
restoration  of  funds  for  the  future  protection  of  the  policyholder's 
widow  and  children. 

Many  policyholders  have,  in  spite  of  the  urgency  of  creditors, 
within  recent  months,  restrained  themselves  from  borrowing 
upon  their  policies,  and  a  certain  number  who  have  been  favor- 
ably situated,  have,  as  in  ordinary  times,  reduced  their  loans  by 
cash  payments. 

While  general  experience  has  proven  that  policy  loans  are  not 
repaid  in  large  proportions,  the  year  1919  is  remarkable  for  the 
fact  that  the  actual  aggregate  amount  of  loans  to  policyholders 
in  all  companies  was  reduced  by  the  considerable  amount  of 
Eleven  Millions  of  Dollars.  This  was  the  first  time  in  the  history 
of  the  business  in  which  there  was  a  reduction  in  the  amount  of 
loans.  In  other  years,  when  a  decline  in  percentage  of  loans 
occurred,  the  aggregate  amount  of  loans  had  nevertheless  grown 
by  reason  of  the  increase  in  insurance.  In  1919,  however,  the 
repayments  were  apparently  so  large  as  to  overcome  new  bor- 
rowings, and  in  a  year  which  had  produced  the  greatest  increase 
in  business  up  to  that  time.  This,  together  with  the  fact  that 
during  the  period  of  greatest  speculation  there  was  a  comparative 

34 


decrease  in  percentage  of  loans,  and  that  recent  borrowings  have 
been  employed  principally  to  meet  urgent  needs  of  a  vast  number 
of  widely  scattered  policyholders,  should  encourage  the  hope 
that  Life  Companies  may  employ  recent  experience  as  the  means 
of  better  education  of  the  public  upon  the  funciions  and  peculiar 
purposes  of  Life  Insurance  and  thus  encourage  all  classes  of 
people  to  avail  themselves  of  the  benefits  procured  through  this 
helpful  institution. 


35 


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DEC.  31,  1911 


COMPARISON    OF    POLICY    LOANS    AND    PREMIUM    NOTES    WITH    TOTALj  POLICY    RESERVES  FOR   THE  YEARS  1911,  1914,  1919,  1920  AND  SEPT.  30,  1921 
DEC.  31,  1914  DEC.  31,  1917  DEC.  31,  1919  DEC.  31,  1920 


SEPT.  30,  1921 


STATES 


TOTAL 
RESERVES 


POLICY 

LOANS  AND 

PREMIUM 

NOTES 


RATIO  OF 
LOANS  AND 

NOTES  TO 
RESERVES 


New    England : 
Maine 

New  Hampshire 
Vermont 
Massachusetts 
Rhode   Island 
Connecticut 

Group  I,  Total 


$23,427,489.97 
14,038.361.39 
15,340,712.91 

167,059,196.80 
22,208,692.76 
48,693,870.00 

$290,768,323.83 


$2,854,397.68 
1,676.770.89 
2,100,877.99 

25,515,944.15 
2,721,534.43 
6,389,611.29 


Middle  Atlantic: 
New   York 
New  Jersey 
Pennsylvania 
Delaware 
Maryland 
Dist.  of  Columbia 

Group  II,  Total 


$522,648,080.24 

114,202,307.92 

318,844,837.55 

7.099,511.36 

49,021.983.12 

22,649.927.63 


$87,464,555.81 

14.018.679.50 

48.946,258.85 

890,563.65 

6.583,725.07 

3,157,711.70 


Central    Northern: 
Ohio 
Michigan 
Indiana 
Illinois 
Wisconsin 

Gkoup   III,   Total 


$167,074,894.99 

69.477.478.81 

61.018.570.56 

228,577.350.67 

60,558,258.64 

$586,706,553.67 


$21,513,759.08 
10,022,288.14 

7.712,118.39 
31,977,225.40 

7,969,377.67 


South  Atlantic: 
Virginia 
West    Virginia 
North  Carolina 
South  Carolina 
Georgia 
Florida 

Group  IV,  Total 


$41,464,534.71 
20,058,394.46 
26,317.837.50 
23,362.792.39 
50.583,524.00 
17,064.029.00 


$6,768,228.44 
2.498,309.05 
4.934.570.04 
4,328.061.24 

11.567.651.46 
3,457,385.90 


Gulf  and  Mississippi  Valley: 
Alabama 
Mississippi 
Tennessee 
Kentucky 
Louisiana 

Group  V,  Total 


$33,828,303.97 
26,178,210.40 
40,727,887.78 
50,307,917.33 
41,552.998.00 

$192,595,317.48 


$6,749,528.43 
5.005.701.20 
8,434.623.55 
8,787.841.72 
7,836,180.42 


Southwestern: 
Missouri 
Arkansas 
Texas 
Kansas 
Colorado 
New   Mexico 
Oklahoma 


Group  VI,  Total 


$97,092.9^3.04 
20,180,887.80 
48.639.144.40 
26.710,453.55 
28,831,583.29 
4,845.186.00 
16,068.805.72 

$242,369,013.80 


$13,940,823.60 
3.955.609.19 
12,423.082.87 
4.484.297.37 
6,144.681.18 
995.619.76 
3.455,781.69 


Northwestern: 
Iowa 

Minnesota 
Nebraska 
North   Dakota 
South   Dakota 
Wyoming 
Montana 

Group  VII,    Total 


$49,253,898.95 
54,031,851.66 
21,373.956.28 
11,242,468.78 
10,419,346.68 
3,640,970.97 
12,892,609.84 

$162,855,103.16 


$6,564,476.19 
9,146,325.24 
3,341,708.43 
2,402,762.10 
1.726.925.44 
699.080.36 
2.210,580.76 


Pacific: 

Washington 

Oregon 

California 

Nevada 

Idaho 

Arizona 

Utah 

Group  VIII,  Total 


$26,793,972.71 
16.222,322.94 
92,741,734.54 
3,477,577.24 
5,513,203.91 
5,379,699.00 
9,378,185.38 

$159,506,695.72 


$6,083,702.36 
3,210.221.43 

18.356,913.87 

497,304.19 

1,110.907.57 

1,032.956.02 

1,762,117.81 


Total  United  States 


Territories: 

Alaska  .  $1,107,017.00 

Hawaii,    Philippines    and 

Porto    Rico  '4,696,858.00 

Group  IX,  Total  $5,803,875.00 


$143,359.40 
644,642.09 


Total  United  States 
and    Territories 


12.18% 
11.94% 
13.69% 
15.27% 
12.25% 
13.12% 


$41,259,136.43         14.19% 


16.73% 
12.27% 
15.35% 
12.54% 
13.43% 
13.94% 


$1,034,466,647.82        $161,061,494.58         15.57% 


12.87% 
14.42% 
12.64% 
13.99% 
13.16% 


$79,194,768.68         13.49% 


16.32% 
12.45% 
18.75% 
18.52% 
22.87% 
20.26% 


$178,851,111.86  $33,554,206.13         18.76% 


19.95% 
19.12% 
20.71% 
17.46% 
18.85% 


$36,813,875.32  19.11% 


14.35% 
19.60% 
25.54% 
16.78% 
21.31% 
20.54% 
21.50% 


$45,399,895.66         18.73% 


13.32% 
16.92% 
15.63% 
21.37% 
16.57% 
19.20% 
17.14% 


$26,091,858.52         16.02% 


22.70% 
19.78% 
19.79% 
14.30% 
20.14% 
19.207o 
18.79% 


$32,054,123.25         20.09% 


$2,848,118,767.34         $455,429,358.57         15.99% 


12.95% 
13.72% 


$788,001.49         13.57% 


$2,853.922,642.34         $456,217,360.06  15.96% 


POLICY  RATIO  OF 

LOANS  AND  LOANS  AND 

TOTAL                   PREMIUM  NOTES  TO 

RESERVES                   NOTES  RESERVES 


$27,790,443.43 
16,905,985.61 
17,495.179.16 

196,124.483.90 
25.774.807.25 
58,264.768.07 

$342,355,667.42 


$3,589,653.82 
2.004.073.61 
2,429,331.94 

31,338.715.60 
3,684,797.32 
8,587,571.65 


$614,580,716.47 

140.241,326.93 

365.0.'i7.097.08 

8,236,469.43 

58,141,690.20 

26,293.548.49 


$109,863,839.47 

19,310.836.70 

60,040,810.41 

1.176,268.96 

8,542,127.75 

4,427,445.32 


$197,266,518.72 

87.708.877.46 

71.988.877.28 

274.551.855.70 

73,545,247.18 


$26,497,196.36 

13,318,806.55 

9,960,691.84 

44.490,897.01 

10,283,502.60 


$51,224,960.26 
26,179.744.35 
35,050,557.16 
27,197,263.11 
61,241.918.00 
19,832,218.00 

$220,726,660.88 


$9,406,909.73 
3.484,049.18 
7.830,836.04 
7,813,085.14 

18.287.988.90 
5.515,433.06 


$37,740,171.00 
28,329,736.00 
50.258.315.71 
58,061,625.45 
45,992,927.00 

$220,382,775.16 


$10,690,040.65 

7,530.457.75 

12,164,500.96 

11,110,307.35 

11.387,315.31 


$120,091,254.98 
24,388,472.00 
54.807,042.38 
31.932.609.02 
32,762.666.00 
5,594,933.00 
22,084,218.36 

$291,661,195.74 


$20.162,581. 03 
6,354,002.83 
18.278,556.19 
5,779,283.53 
7,852,659.72 
1,413,985.51 
5,310,370.58 


$61,893,344.21 
69,941,315.41 
26,454.819.43 
13.114,635.63 
12.934,727.73 
4.061,824.00 
15,190,903.53 

$203,591,569.94 


$8,589,180.69 
10.782.169.72 
4,616.190.86 
2.815,421.60 
2,329,879.26 
1,023,649.86 
3,255,787.58 


$35,690,675.37 

20.834,782.75 

117.629.714.45 

3.953,861.60 

6.873,264.12 

7,251,731.00 

12,294,459.16 

$204,528,488.45 


$8,554,382.22 
5,024,595.78 

27,760.172.83 

804,557.12 

1,724,418.33 

1.516.332.60 

2,585.237.67 


$1,265,248.00 

5.481.575.00 

$6,746,823.00 


12.91% 
11.85% 
13.88% 
15.99% 
14.29% 
14.74% 


$51,634,143.94         15.08% 


17.87% 
13.76% 
16.44% 
14.28% 
14.69% 
16.83% 


$1,212,550,848.60         $203,361,328.61         16.77% 


13.43% 
15.18% 
13.83% 
16.20% 
13.98% 


$705,061,376.34         $104,551,094.36  14.83% 


18.36% 
13.31% 
22.34% 
28.72% 
29.86% 
27.81% 


$52,338,302.05         23.71% 


28.32% 
26.58% 
24.19% 
19.1.3% 
24.75% 


$52,882,622.02         23.99% 


16.78% 
26.05% 
33.35% 
18.08% 
23.96% 
25.27% 
24.04% 


$65,151,439.39        22.34% 


13.87% 
15.41% 
17.44% 
21.46% 
18.01% 
25.20% 
21.43% 


$33,412,279.57         16.41% 


23.96% 
24.11% 
23.59% 
20.34% 
25.09% 
20.90% 
21.02% 


$47,969,696.55         23.45% 


$3,400,858,582.53         $611,300,906.49         17.97% 


$31,430.67  2.48% 

334,610.23  6.10% 

$366,040.90  5.43% 


$3,407,605,405.53         $611,666,917.39  17.95% 


TOTAL 
RESERVES 


POLICY  RATIO  OP  I 

LOANS  AND    LOANS AND^ 
PREMIUM       NOTES  TC 
NOTES  RESERVES 


POLICY  RATIO  OF 

LOANS  AND    LOANS  AND 
TOTAL  PREMIUM       NOTES  TO 

RESERVES  NOTES  RESERVE^S 


$32,830,398.10 
19,996,891.30 
18,772,781.06 

233,140,312.94 
31.919.367.48 
74,440.858.61 

$411,100,609.49 


$4,012,283.46 
2,130,470.21 
2.534,370.66 

33,360.787.91 
3.991.964.42 
8,960,304.09 


12.22% 
10.65% 
13.50% 
14.30% 
12.50% 
12.03% 


$54,990,180.75         13.37% 


$39,268,268.13 
23,454.098.11 
20,859.154.52 

301.168,711.00 
43.232.222.05 
92.953.961.92 

$520,936,415.73 


$4,404,850.38 
2,274,741.98 
2,557,243.84 

35,035,321.81 
4,325,081.13 
9,066,993.06 


$761,527,473.48 

178.744,572.98 

432.771,903.72 

10,585.669.23 

72,208,155.86 

30,511,677.51 


$117,794,966.34 

22,322.727.34 

61.708.381.04 

1,595,525.67 

9,692,642.57 

5,070,136.00 


15.46% 
12.48% 
14.25% 
15.07% 
13.42% 
16.61% 


$1,486,349,452.78        $218,184,378.96         14.67% 


$941,468,700.96 

218.014,237.60 

504,206.865.37 

13,952,763.18 

85.897.930.54 

35,334,427.08 


$120,406,555.22 

23,390,361.40 

61.640,364.23 

1,909,070.06 

9,613,122.92 

5,393.094.11 


$247,033,821.42 

107,686,121.50 

87.006.278.58 

325.539.661.59 

87,596.319.16 


$28,801,086.82 
14,641,732.39 
11,816.137  64 
48.102,364.60 
10,756,956.79 


11.65% 

13.59% 
13.58% 
14.77% 
12.28% 


$854,862,202.25         $114,118,278.24         13.35% 


$59,141,128.83 
32,660.333  08 
41,046.358.24 
33.155,002.24 
fi4,.^98,401.26 
21,817,646.37 

$252,218,870.02 


$10,630,242.12 
4.187,562.82 
9.063,406.45 
8.694,443.24 
19,916.464.71 
6,199,182.82 


17.97% 
12.82% 
22.08% 
26.22% 
30.9:?% 
28.41% 


$58,691,302.16         23.26% 


$41,687,086.70 
29,890.341.39 
58,673.173.67 
64.293.936.71 
51.321.167.37 

$245,865,705.84 


$12,399,981.75 

7,922,220.84 

14,074,355.99 

12,094,615.38 

11.311.470.89 


29.74% 
26.53% 
23.98% 
.8.81% 
22.04% 


$57,802,644.85  23.51% 


M 


$138,693 
27.317 
56,657 
37.417 
37,602 
6,555 
29,500 


064.23 
,011.70 
,749.29 
,336.00 
.839.68 
,022.29 
,518.89 


$21,813,865.82 
6,854,978.87 
21,521.755.33 
6.416,801.39 
8,326,742.82 
1,842,851.15 
6.285.764.17 


15.73% 
25. .09% 
37.99% 
17.15% 
22.14% 
28.11% 
21.31% 


$333,743,542.08  $73,062,759.55         21.89% 


$76,050,5.39.07 
83.280,160,22 
33,691,178.58 
15,118,190.07 
16.322.694.54 
4,747,382.98 
19,373,842.90 

$248,583,988.36 


$9,411,283.96 

12,699,467.17 
4.793.603.46 
3.194,061.51 
2,713.397.82 
888,111.25 
3.591,671.93 


12.38% 
15.25% 
14.23% 
21.13% 
16.62% 
18.71% 
18.54% 


$37,291,597.10         15.00% 


$43,577,246.97 

24,413,118.32 

143,790.919.87 

4,484,567.54 

9,017,234.43 

9,441.247.53 

15.256,141.49 

$249,980,476.15 


$10,082,792.93 
5.646,805,34 
30.757,076.96 
677.659.00 
1.718.747.71 
1.781.405.12 
3.043,462.69 


23.14% 
23.13% 
21.39% 
15.11% 
19.06% 
18.87% 
19.95% 


$53,707,949.75         21.48% 


$4,082,704,846.97         $667,849,091.36         16.36% 


$1,571,529.85 

6,418.199.36 

$7,989,729.21 


$204,081.69 
1.152.901.89 


12.99% 
17.96% 


$1,356,983.58         16.98% 


$4.090.694,576.18         $669.206,074.94  16.36% 


$312,799,152.31 

133,307,502.94 

108,482,372.39 

398.813,356.69 

99,713,255.37 


$31,348,922.90 
15,303,619.85 
11,679,507.14 
50,612,147.74 
10,128,229.79 


$69,903,717.74 
41,400,736.95 
55.132,000.75 
40,416.405.62 
83,844,480.88 
23,746.781.00 

$314,444,122.94 


$10,677,653.65 
4.610.461.68 

10,204.747.29 
8,435.661.11 

19.600.730.67 
6.032,611.87 


$47,780,449.80 

34,630,779.00 

67.728,167.17 

74,884,546.74 

.     56,574,990.00 

$281,598,932.71 


$12,050,088.29 

7,58.'5, 389.93 

13,808,000.63 

11,398,150.57 

10.799,603.27 


$171,808,814.46 
31,654.821.00 
57.899,228.59 
46,087.729.09 
43,498,954.00 
7,039,143.00 
37,901.910.82 

$395,890,600.96 


$22,401,447.27 
6.634.869.67 
17,766,611.73 
6,066,894.59 
8,188,456.07 
1.665.951.87 
6.315,284.36 


$91,612,544.12 
101.077,989.88 
42.237.077.56 
16,322.174.24 
20,781,988.59 
5.777.310.66 
21.045,746.56 

$298,854,831.61 


$9,493,678.29 
12,941,981.81 
4.758,402.17 
3.047.211.80 
2,593,071.28 
960,470.99 
3,720.424.05 

$37,515,240.39 


$54,780,213.15 
29,434.455.73 

171.184,889.95 

4.188.573.11 

11.890,966.86 

11.127,461.00 

18.455.341.11 

$301,061,900.91 


$9,896,611.12 
5.177.167.52 

30,418,322.99 

683.146,76 

1,630.030.03 

1,628,933.48 

3,195,453.36 


$1,478,740.00 

6,639,525.00 

$8,118,265.00 


$243,853.35 
1,040,061.41 


11.21% 
9.70% 
12.25% 
11.63% 
10.00% 
9.75% 


$57,664,232.20         11.07% 


12.79% 
10.73% 
12.22% 
13.68% 
11.19% 
15.26% 


$1,798,874,924.73         $222,352,567.94         12.33% 


10.02% 
11.48% 
10.77% 
12.69% 
10.16% 


$1,053,115,639.70         $119,072,427.42         11.31% 


15.27% 
11.13% 
18.51% 
20.87% 
23.37% 
25.40% 


$59,561,866.27         18.94% 


25.22% 
21.90% 
20.39% 
15.22% 
19.09% 


$55,641,232.69         19.76% 


13.04% 
20.96% 
30.69% 
13.16% 
18.82% 
23.67% 
16.66% 


$69,039,515.56         17.44% 


10.36% 
12.80% 
1 1 .27% 
18.67% 
12.47% 
16.62% 
17.68% 


18.06% 
17.59% 
17.78% 
15.12% 
13.70% 
14.64% 
17.31% 


$52,579,665.26         17.46% 


$4,964,777,369.29         $673,426,747.73         13.56% 


16.49% 
15.66% 


$1,283,914.76         15.81% 


POLICY  RATIO  OF 

LOANS  AND  LOANS  AND 

TOTAL                   PREMIUM  NOTES  TO 

RESERVES                   NOTES  RESERVES 


$42,163,283.90 
24,518,138.58 
22,136,499.97 

324,490,290.80 
47,210.687.39 

102,498.682.13 

$563,017,582.77 


$4,563,690.19 
2.337.052.95 
2,692,746.99 

39.207,497.07 
4.800,181.59 

10,879,489.52 


$1,042,617,869.29 

240.945,080.79 

554.346,783.93 

15,264.301.36 

93.140.744.27 

38.181.093.32 


$136,010,897.11 

25.524.132.24 

67.836.070.41 

1.835.406.11 

10.937.818.42 

6,042,167.60 


$349,902,450.40 
154.032.611.55 
127.298..565.15 
4.17.333.374.79 
111.249,260.95 


$36,198,202.66 
17,357.826.68 
14.249,607,18 
56,049.812,39 
11.107.332.61 


$76,948,416.62 
47,443,0.';i.96 
64,128.128.73 
48.411,422.69 
95.354.407.05 
27,228.651.01 

$359,514,078.06 


$12,772,180.57 

.'5.156.580.13 

12.1.54.968.71 

10.406.853.24 

23,068,760.59 

6,563.291.86 


$54,224,673.98 
38.639.472.14 
77.682.226.35 
82,676,199.55 
63.650,485.96 

$316,873,057.98 


$13,771,751.01 

9.023,314.70 

16,098.106.95 

12.925.384.50 

12.090,300.23 


$193,825,677.67 
38.068.804.51 
69.711.073.17 
52.062.523.03 
48.401.594.02 
7.881.855.50 
47.861.051.66 

$457,812,579.56 


$26,016,559.00 
7.887.831.83 
20.269.297.15 
7.157.169.28 
9.501,364.82 
1.995,161.18 
7.244,536.57 


$99,648,925.44 
115.211,140.64 
47.561.782.10 
20,882.094.31 
23,.117,761.81 
6.297.903.22 
22.405.405.39 

$335,325,012.91 


$11,553,105.37 
15.823.587.43 
6,097,625.41 
4.097.309.72 
3,459,507.38 
1,082.864.71 
4.390.332.41 

$46,504,332.43 


$62,031,518.67 
33.047.791.72 

198,226.933.94 

4.267.879.67 

13.322.174.11 

12.280,061.50 

19,754.218.74 

$342,930,578.35 


$10,959,001.34 
5.747.711.81 
33,948.904.20 
635.636.76 
1.850.652.17 
1.856,320.72 
3,541.932.97 


$1,407,116.64 

7.305.258.39 

$8,712,375.03 


$220,139.25 
1.003,908.69 


10.82% 
9.53% 
12.16% 
12.08% 
10.17% 
10.61% 


$64,480,658.31  11.45% 


13.05% 
10.59% 
12.24% 
12.02% 
11.74% 
15.82% 


$1,984,495,872.96        $248,186,491.89         12.51% 


10.35% 
11.27% 
11.18% 
12.82% 
9.98% 


$1,179,816,262.84         $134,962,781.52  11.44% 


16.60% 
10.87% 
18.95% 
21.50% 
24.19% 
24.10% 


$70,122,635.10         19.50% 


25.40% 
23.35% 
20.72% 
15.6.3% 
18.99% 


$63,908,857.39         20.17% 


13.42% 
20.72% 
29.08% 
13.75% 
19.63% 
25.31% 
15.14% 


$80,071,919.83         17.49% 


11.59% 
13.7.3% 
12.82% 
19.62% 
14.84% 
17.19% 
19.59% 

13.87% 


17.67% 
17.39% 
17.13% 
14.89% 
13.89% 
15.12% 
17.93% 


$58,540,159.97         17.07% 


$5,539,785,025.43         $766,777,835.44         13.84% 


15.64% 
13.74% 


$1,224,047.94         14.05% 


$4.972.895.634.29         $674.710.662.49         13.57%        '      $5.548.497,400.46         $768.001.884.38         13.84% 


TOTAL 
RESERVES 


POLICY 

LOANS  AND 

PREMIUM 

NOTES 


RATIO  OF 

LOANS  AND 

NOTES  TO 

RESERVES 


$40,439,036.58 

25.249.791.09 
22.696,984.00 

341.071.775.53 
49.952,695.05 

107.543,568.25 

$586,953,850.50 


$4,276,230.67 
2.609.578.61 
2.815.655.63 

43.136.348.13 
5.240.021.21 

11.954,713.88 


10.57% 
10.31% 
12.40% 
12.65% 
10.49% 
11.12% 


$70,032,548.13  11.93% 


$1,096,763,016.94 

256.048.886.35 

573,700.392.59 

16,309,286.44 

96,857,389.60 

39.263.318.28 


$149,287,402.57 

28.211.365.92 

70.949.904.45 

2,032.773.58 

12.165,157.62 

6.092.729.60 


13.61% 

11.02% 
1237«t 
12.46% 
12.56% 
15.52% 


$2,078,942,290.20        $268,739,333.74         12.93% 


$364,016,982.62 
157,416.613.33 
129,493,768.29 
447,737.577.94 
116,397.418.02 


$40,783,799.27 
19.478.653.14 
14.955.787.81 
60.731.015.42 
12.015.563.25 


$1,215,062,360.20         $147,964,818.89 


11.20% 
12.37% 
11.55% 
13.56% 
10.32% 

12.18% 


$68,805,521.26 
49.366.772.41 
55.108,251.94 
40.542.357.50 
92,647.244.66 
27,933,227.90 

$334,403,375.67 


$12,743,654.14 

5.358.801.54 

12.354.146.18 

11.055.815.95 

26,205.959.38 

6,826.587.32 

$74,544,964.51 


18.52% 
10.86% 
22.42% 
27.27% 


14.44% 

22.29% 


Gavrp 


$54,424,714.49 
38.783,482.53 
78.529.638.24 
83.645.695.99 
60,677.765.40 

$316,061,296.65 


$14,742,241.95 

9.802.354.82 

17.938.431.53 

13.791.474.08 

13,077,499.97 

$69,352,002.35 


27.09«t. 
25.27«T- 
22.JU% 
16.49% 
21.55% 

21.94% 


$195,325,767.69 
36.460.727.06 
63.206..';93.88 
51.516.577.15 
48.742.402.34 
9,055.954.81 
47,294,955.98 

$451,602,978.91 


$28,098,875.55 
8.288.353.80 

20.5.-6,230..34 
7.470,297.58 

10,386.342.91 
2.132.995.75 
7.785.167.49 


14.39% 
22.73% 
32.52% 
14.50% 
21.31% 
23.55% 
16.46% 


$84,718,263.42         18.76% 


Gamrr  VT. 


$100,408,949.30 
112.143.266.27 
46.113.170.00 
18.356.230.53 
22.017,689.67 
6,367.523.68 
22.194,296.69 

$327,601,126.14 


$14,321,442.15 
17.095.734.04 
7.135.029.07 
4,228.388.74 
4.016.526.29 
1.189.908.12 
4.606.172.02 

$52,593,200.43 


14.26% 
IS  24% 
1S.4705- 
23.05«:- 
18.24% 
18.«»% 
20.75% 

16.05% 


TTl. 


$63,793,319.75 
33.768.414.12 

204.494,160.34 

4,485.471.44 

14,174,069.42 

12,655,376.83 

21,027.228.73 

$354,398,040.63 


$12,044,341  29 
6.195.292.68 
36.331.448  84 
706.268.17 
2.386.682.35 
2.138.879.86 
3,920.982.46 

$63,723,895.65 


IS.SIWf- 
18.35% 
17.77% 
15.75% 
16.84% 
1630% 
18.64% 

17.98% 


$5,665,025,318.90         $831,669,027.12 


14.68% 


ToTAX.  U« 


$1,523,548.91 

6.709,207.82 

$8,232,756.73 


$203,175.86 
817.205.72 


13.16% 
12.18% 


$1,020,381.58         12.39% 


$5,673,258,075.63 


$832,689,408.70 


14.68% 


TOTAI.     l'^ 


The  admitted  assets  of  the  companies  included  in  the  above  table,  computed  from  original  statistics  contributed  by  the  companies  to  the  Association  of  Life  Insurance  Presidents,  represent  the  following  percentages  of  the  total  admitted  assets  of  all  American  life  insurance  companies  as  shown  by  the  Year  Book: 

For  1911—93.19%  of  all  admitted  assets. 

•♦     1914—92.78% 

•*     1917—89.92% 

*     1919—90.69%    ••    •• 

"     1920—93.34% ' 

••     1921—88.87%    "     "         " 


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DEC.  31,  1911 


COMPARISON    OF    POLICY    LOANS    AND    PREMIUM    NOTES    WITH    TOTAL 
DEC.  31,  1914  DEC.  31,  1917 


TABLE    Jl 


y'% 


POLICY     RESERVES   FOR   THE   YEARS   1911,   1914,   1919,   1920  AND    SEPT.   30,   1921 
DEC.  31,  1919  DEC.  31,  1920 


POLICY 

RATIO  OF 

POLICY 

RATIO  OF 

POLICY 

RATIO  OF  1 

POLICY 

RATIO  OF 

POLICY 

RATIO  OF 

LOANS  AND 

LOANS  AND 

LOANS  AND 

LOANS  AND 

LOANS  AND 

LOANS  ANT)t 
NOTES  TC  1             TOTAL 

LOANS  AND 

LOANS  AND 

LOANS  AND 

LOANS  AND 

STATES 

TOTAL 

PREMIUM 

NOTES  TO 

TOTAL 

PREMIUM 

NOTES  TO 

TOTAL 

PREMIUM 

PREMIUM 

NOTES  TO 

TOTAL 

PREMIUM 

NOTES  TO 

T>»T\L 

RESERVES 

NOTES 

RESERVES 

RESERVES 

NOTES 

RESERVES 

RESERVES 

NOTES 

RESERVES 

RESERVES 

NOTES 

RESERVES 

RESERVES 

NOTES 

RESERVES 

RFSEK'.  -  - 

New    England: 
Maine 

$23,427,489.97 

$2,854,397.68 

12.18% 

$27,790,443.43 

$3,589,653.82 

12.91% 

• 

$32,830,398.10 

$4,012,283.46 

12.22% 

$39,268,268.13 

$4,404,850.38 

11.21% 

$42,163,283.90 

$4,563,690.19 

10.S2% 

^t"'  '" 

New  Hampshire 

14,038,361.39 

1,676,770.89 

11.94% 

16,905,985.61 

2,004,073.61 

11.85% 

19.996,891.30 

2.130.470.21 

10.65% 

23,454,098.11 

2,274,741.98 

9.70% 

24.518.138.58 

2,337.052.95 

9.51% 

»^- 

Vermont 

15,340,712.91 

2,100,877.99 

13.69% 

17,495,179.16 

2,429,331.94 

13.88% 

18.772.781.06 

2.534.370.66 

13.50% 

20,859,154.52 

2,557,243.84 

12.25% 

22,136,499.97 

2.692.746.99 

12.16% 

ttji^*^'" 

Massachusetts 

167,059,196.80 

25,515,944.15 

15.27% 

196,124,483.90 

31,338,715.60 

15.99% 

233,140.312.94 

33,360,787.91 

14.30%       ;           301,168,711.00 

35,035.321.81 

11.63% 

324,490,290.80 

39.207.497.07 

1 2.08% 

MUWIJ'^ 

Rhode  Island 

22,208,692.76 

2,721,534.43 

12.25% 

25,774,807.25 

3,684.797.32 

14.29% 

31.919.367.48 

3,991.964.42 

12.50% 

43,232.222.05 

4,325,081.13 

10.00% 

47,210.687.39 

4,800.181.59 

10.17% 

*».952L* 

Connecticut 

48,693,870.00 
$290,768,323.83 

6,389,611.29 
$41,259,136.43 

13.12% 
14.19% 

58,264,768.07 
$342,355,667.42 

8,587,571.65 
$51,634,143.94 

14.74% 
15.08% 

74.440.858.61 
$411,100,609.49 

8,960,304.09 
$54,990,180.75 

12.03%    j 
13.37% 

1             92.953.961.92 
$520,936,415.73 

9,066,993.06 
$57,664,232.20 

9.75% 
11.07% 

102,498,682.13 

10,879.489.52 

10.61% 

1.)7.5<X.-V 

Group  I,  Total 

$563,017,582.77 

$64,480,658.31 

11.45% 

SSB^.flSh^^flfil^^'  ' 

Middle  Atlantic: 

1    »^»».: 

New   York 

$522,648,080.24 

$87,464,555.81 

16.73% 

$614,580,716.47 

$109,863,839.47 

17.87% 

$761,527,473.48 

$117,794,966.34 

15.46% 

$941,468,700.96 

$120,406,555.22 

12.79% 

$1,042,617,869.29 

$1.36.010.897.11 

13.05% 

New  Jersey 

114,202,307.92 

14.018,679.50 

12.27% 

140,241,326.93 

19,310,836.70 

13.76% 

178.744,572.98 

22.322.727.34 

12.48% 

218.014.237.60 

23,390,361.40 

10.73% 

240,945.080.79 

25.524.132.24 

10.50*?. 

JS^JMiUls 

Pennsylvania 

318,844,837.55 

48,946,258.85 

15.35% 

365,057,097.08 

60,040,810.41 

16.44% 

432,771,903.72 

61,708.381.04 

14.25% 

504.206.865.37 

61,640,364.23 

12.22% 

554,346,783.93 

67.836.070.41 

12J4% 

57JJMl^ 

Delaware 

7,099,511.36 

890,563.65 

12.54% 

8,236,469.43 

1,176,268.96 

14.28% 

10,585.669.23 

1,595.525.67 

15.07% 

13,952.763.18 

1.909,070.06 

13.68% 

15,264.301.36 

1.835.406.11 

13  •3% 

ttiS&t^^ 

Maryland 

49,021,983.12 

6,583.725.07 

13.43% 

58,141,690.20 

8,542,127.75 

14.69% 

72.208,155.86 

9.692,642.57 

13.42% 

85,897,930.54 

9.613,122.92 

11.19% 

93,140.744.27 

in.Q37.818.42 

ll.r-i«5. 

wuhdVii^ 

Dist.  of  Columbia 

22,649,927.63 
$1,034,466,647.82 

3,157,711.70 
$161,061,494.58 

13.94% 
15.57% 

26,293,548.49 
$1,212,550,848.60 

4,427,445.32 
$203,361,328.61 

16.83% 

30,511,677.51 
$1,486,349,452.78 

5,070.136.00 
$218,184,378.96 

16.61% 
14.67% 

35,334.427.08 
$1,798,874,924.73 

5,393,094.11 
$222,352,567.94 

15.26% 
12.33% 

38,181,093.32 

6.043.167.60 

1S.«2% 

j^jmsj 

Group   II,   Total 

16.77% 

$1,984,495,872.96 

$348,186,491.89 

12.51% 

%2M%^42J^ 

Central    Northern: 

Ohio 

$167,074,894.99 

$21,513,759.08 

12.87% 

$197,266,518.72 

$26,497,196.36 

13.43% 

$247,033,821.42 
lA7.686.121. 50 

$28,801,086.82 

11.65% 

$312,799,152.31 

$31,348,922.90 

10.02% 

$349,902,450.40 

$36,198,202.66 

10-35% 

$M*jrt- 

Michigan 

69,477,478.81 

10,022.288.14 

14.42% 

87,708,877.46 

13,318,806.55 

15.18% 

14,641.732.39 

13.59% 

133,307.502.94 

15,303,619.85 

11.48% 

154.032.611.55 

17.357.826.68 

11.27% 

i5r 

Indiana 

61,018,570.56 

7.712.118.39 

12.64% 

71,988.877.28 

9,960,691.84 

13.83% 

87,006,278.58 

11.816.137  64 

13.58% 

108,482,372.39 

11,679,507.14 

10.77% 

127.298.565.15 

14.249.607.18 

n.ii»% 

•  ■» 

Illinois 

228,577,350.67 

31.977.225.40 

13.99% 

274.551,855.70 

44,490,897.01 

16.20% 

325,539.661.59 

48.102.364.60 

14.77% 

398.813,356.69 

50.612.147.74 

12.69% 

437,333,374.79 

56.049.812.39 

12.82% 

Wisconsin 

60,558,258.64 
$586,706,553.67 

7,969,377.67 
$79,194,768.68 

13.16% 
13.49% 

73.545,247.18 
$705,061,376.34 

10,283,502.60 

13.98% 
14.83% 

87,596,319.16 
$854,862,202.25 

10,756.956.79 
$114,118,278.24 

12.28% 
13.35% 

99,713,255.37 
$1,053,115,639.70 

10,128.229.79 
$119,072,427.42 

10.16% 

111.249,260.95 

11.107.332.61 

9.^9% 

Group   III,   Total 

$104,551,094.36 

11.31% 

$1,179,816,262.84 

$134,962,781.52 

11.44% 

tMlfuii3.ftAJll| 

South  Atlantic: 
Virginia 

$41,464,534.71 

$6,768,228.44 

16.32% 

$51,224,960.26 

$9,406,909.73 

18.36% 

$59,141,128.83 

$10,630,242.12 

17.97%     i 

$69,903,717.74 

$10,677,653.65 

15.27% 

$76,948,416.62 

$12,772,180.57 

16.60% 

SflLMSJ?*  V. 

West   Virginia 

20,058,394.46 

2,498,309.05 

12.45% 

26,179.744.35 

3.484,049.18 

13.31% 

32,660.333  08 

4.187.562.82 

12.82% 

41,400.736.95 

4,610,461.68 

11.13% 

47.443.051.96 

.<;. 156.580  13 

io.sy% 

^I^tjttj^ 

North  Carolina 

26,317,837.50 

4,934,570.04 

18.75% 

35.050.557.16 

7,830,836.04 

22.34% 

41,046.358.24 

9.063.406.45 

22.08%     i 

55.132,000.75 

10,204,747.29 

18.51% 

64,128.128.73 

12.154.968  71 

18  •S% 

ssjiftj? 

South  Carolina 

23,362,792.39 

4,328.061.24 

18.52% 

27.197,263.11 

7,813,085.14 

28.72% 

33.155,002.24 

8,694.443.24 

26.22% 

40.416.405.62 

8,435.661.11 

20.87% 

48.411,422.69 

10,406.853.24 

21-50% 

24.1«% 

24.10% 

m.3**f^ 

Georgia 

50,583,524.00 

11.567.651.46 

22.87% 

61,241.918.00 

18.287.988.90 

29.86% 

64.398,401.26 

19.916.464.71 

30.9.?% 

83,844,480.88 

19.600.730.67 

23.37% 

95.354.407.05 

23.068.760.59 

9C       - 

Florida 

17,064,029.00 
$178,851,111.86 

3.457,385.90 
$33,554,206.13 

20.26% 

19,832,218.00 
$220,726,660.88 

5,515,433.06 
$52,338,302.05 

27.81% 

21,817,646.37 
$252,218,870.02 

6.199,182.82 

28.41% 

23,746,781.00 
$314,444,122.94 

6.032,611.87 
$59,561,866.27 

25.40% 
18.94% 

27,228.651.01 

6.563.291.86 

27. 

Group  IV,  Total 

18.76% 

23.71% 

$58,691,302.16 

23.26% 

$359,514,078.06 

$70,122,635.10 

19.50% 

%.3Kmi^-  V 

Gulf  and  Mississippi  Valley: 

Alabama 

$33,828,303.97 

$6,749,528.43 

19.95% 

$37,740,171.00 

$10,690,040.65 

28.32% 

$41,687,086.70 

$12,399,981.75 

29.74% 

$47,780,449.80 

$12,050,088.29 

25.22% 

$54,224,673.98 

$13,771,751.01 

?"?.40^ 

«M.49t^ 

Mississippi 

26,178,210.40 

5,005,701.20 

19.12% 

28,329,736.00 

7.530.457.75 

26.58% 

29,890,341.39 

7.922,220.84 

26.53%     > 

34,630,779.00 

7.585.389.93 

21.90% 

38.639,472.14 

9.023.314.70 

23.>5«?. 

»jmiL4f> 

Tennessee 

40,727,887.78 

8,434,623.55 

20.71% 

50,258,315.71 

12,164,500.96 

24.19% 

58,673.173.67 

14.074,355.99 

23.98%     1 

67,728.167.17 

13,808,000.63 

20.39% 

77.682.226.35 

16,098.106.05 

20.72% 

79sms 

Kentucky 

50,307,917.33 

8,787,841.72 

17.46% 

58.061,625.45 

11,110.307.35 

19.1.3% 

64.293,936.71 

12.094.615.38 

.8.81%     ' 

74,884,546.74 

11.398.150.57 

15.22% 

82,676.199.55 

12.925.384  50 

15.63% 

t5,^»S,th 

Louisiana 

41,552,998.00 
$192,595,317.48 

7,836,180.42 
$36,813,875.32 

18.85% 
19.11% 

45,992.927.00 
$220,382,775.16 

11.387.315.31 
$52,882,622.02 

24.75% 
23,99% 

51,321.167.37 

11.311,470.89 
$57,802,644.85 

22.04%       - 

_„      56,574,990.00 
$281,598,932.71 

10,799,603.27 
$55,641,232.69 

19.09% 

63,650,485.96 

12.090.300.23 

lS.o<»% 

tm.€n.r^ 

Group  V,  Total 

$245,865,705.84 

23.51% 

19.76% 

$316,873,057.98 

$63,908,857.39 

20-17% 

SJliwM 

Southwestern: 
Missouri 

$97,092,9^3.04 

$13,940,823.60 

14.35% 

$120,091,254.98 

$20,162,581.03 

16.78% 

$138,693,064.23 

• 

$21,813,865.82 

1 
15.73%     j 

$171,808,814.46 

$22,401,447.27 

13.04% 

$193,825,677.67 

$26,016.559  00 

13.43^. 

ti9sjaj^- 

Arkansas 

20,180,887.80 

3.955.609.19 

19.60% 

24,388.472.00 

6.354.002.83 

26.05% 

27.317.011.70 

6,854,978.87 

25.,09%     1 
37.99% 

31,654,821.00 

6,634.869.67 

20.96% 

38.068.804.51 

7.887.8^1.83 

20.72% 

Ji^MBJ? 

Texas 

48,639,144.40 

12,423,082.87 

25.54% 

54.807.042.38 

18.278,556.19 

33.35% 

56.657,749.29 

21,521,755.33 

57,899,228.59 

17.766,611.73 

30.69% 

69.711,073.17 

20.260.297.15 

20.fl«% 

CJLJKJ* 

Kansas 

26,710,453.55 

4,484,297.37 

16.78% 

31.932.609.02 

5,779,283.53 

18.08% 

37,417,336.00 

6,416,801.39 

17.15% 

46,087,729.09 

6,066,894.59 

13.16% 

52.062.523.03 

7.157.169.28 

1.^.75% 

9L3ttLST' 

Colorado 

28,831,583.29 

6,144,681.18 

21.31% 

32,762.666.00 

7,852,659.72 

23.96% 

37,602.839.68 

8,326,742.82 

22.14% 

43.498,954.00 

8,188,456.07 

18.82% 

48.401. .594.02 

9.501. .364.82 

10.63% 

4IlML4H|> 

New   Mexico 

4,845,186.00 

995,619.76 

20.54% 

5,594,933.00 

1,413,985.51 

25.27% 

6.555,022.29 

1.842.851.15 

28.11% 

7,039,143.00 

1,665.951.87 

23.67% 

7,881.855.50 

1.995.161.18 

25.31% 

•jtasss^  • 

Oklahoma 

16,068,805.72 
$242,369,013.80 

3,455,781.69 
$45,399,895.66 

21.50% 
18.73% 

22.084,218.36 
$291,661,195.74 

5,310,370.58 
$65,151,439.39 

24.04% 

29,500,518.89 
$333,743,542.08 

6.285.764.17 
$73,062,759.55 

21.31% 
21.89% 

37,901,910.82 
$395,890,600.96 

6,315,284.36 
$69,039,515.56 

16.66% 
17.44% 

47,861.051.66 

7.244.536.57 

15.14% 
17.49% 

47J*C«? 

Group  VI,  Total 

22.34% 

$457,812,579.56 

$80,071,919.83 

s 

Northwestern: 
Iowa 

$49,253,898.95 

$6,564,476.19 

13.32% 

$61,893,344.21 

$8,589,180.69 

13.87% 

$76,050,539.07 

$9,411,283.96 

12.38% 

$91,612,544.12 

$9,493,678.29 

10.36% 

$99,648,925.44 

$11,553,105.37 

11  59% 

fl— .Mi.<l9  JN 

Minnesota 

54,031,851.66 

9,146,325.24 

16.92% 

69,941.315.41 

10.782,169.72 

15.41% 

83,280,160,22 

12.699,467.17 

15.25% 

101,077,989.88 

12.941.981.81 

12.80% 

115,211,140.64 

15.823.587.43 

1V73% 

,.•»...  »►-    .- 

Nebraska 

21,373.956.28 

3,341,708.43 

15.63% 

26.454,819.43 

4,616.190.86 

17.44% 

33.691,178.58 

4,793,603.46 

14.23% 

42,237,077.56 

4.758.402.17 

1 1 .27% 

47,561.782.10 

6.097.625.41 

12.82* 

North   Dakota 

11,242,468.78 

2,402,762.10 

21.37% 

13,114,635.63 

2.815,421.60 

21.46% 

15,118,190.07 

3,194,061.51 

21.13% 

16,322.174.24 

3,047,211.80 

18.67% 

20,882.094.31 

4.097.300.72 

19.62% 

South  Dakota 

10,419,346.68 

1,726,925.44 

16.57% 

12,934.727.73 

2,329.879.26 

18.01% 

16,322,694.54 

2,713.397.82 

16.62% 

20,781,988.59 

2,593,071.28 

12.47% 

23,317.761.81 

3.459.=;07.38 

14.84% 

Wyoming 

3,640,970.97 

699,080.36 

19.20% 

4.061.824.00 

1,023,649.86 

25.20% 

4,747,382.98 

888.111.25 

18.71% 

5,777,310.66 

960.470.99 

16.62% 

6,297.903.22 

1.083.864.71 

17.19% 

Montana 

12,892,609.84 
$162,855,103.16 

2,210,580.76 
$26,091,858.52 

17.14% 
16.02% 

15.190,903.53 
$203,591,569.94 

3,255,787.58 
$33,412,279.57 

21.43% 

19,373.842.90 
$248,583,988.36 

3,591,671.93 
$37,291,597.10 

18.54% 
15.00% 

21,045,746.56 
$298,854,831.61 

3,720,424.05 
$37,515,240.39 

17.68% 

22,405.405.39 
$335,325,012.91 

4.390.332.41 

19  59% 

-- 

Group   VII,    Total 

16.41% 

12.55% 

$46,504,332.43 

13.87% 

SJT*.*^'     -J 

Pacific: 

Washington 

$26,793,972.71 

$6,083,702.36 

22.70% 

$35,690,675.37 

$8,554,382.22 

23.96% 

$43,577,246.97 

$10,082,792.93 

23.14% 

$54,780,213.15 

$9,896,611.12 

18.06% 

$62,031,518.67 

$10,950,001.34 

1767%       • 

V 

Oregon 

16,222.322.94 

3.210,221.43 

19.78% 

20,834,782.75 

5,024,595.78 

24.11% 

24.413.118.32 

5.646.805.34 

23.13% 

29.434,455.73 

5,177,167.52 

17.59% 

33.047.791.72 

5,747.711.81 

17-39% 

33.:^- 

California 

92,741,734.54 

18,356,913.87 

19.79% 

117,629,714.45 

27,760.172.83 

23.59% 

143.790.919.87 

30.757.076.96 

21.39% 

171,184,889.95 

30,418,322.99 

17.78% 

198.226.933.94 

33.948.904.20 

1713% 

3^  t^i 

Nevada 

3,477,577.24 

497,304.19 

14.30% 

3,953,861.60 

804.557.12 

20.34% 

4.484.567.54 

677.659.00 

15.11% 

4,188,573.11 

683.146.76 

15.12% 

4.267.879.67 

635.636.76 

14|{9% 

4 

Idaho 

5,513,203.91 

1,110,907.57 

20.14% 

6.873.264.12 

1.724.418.33 

25.09% 

9.017.234.43 

1,718.747.71 

19.06% 

11,890,966.86 

1,630,030.03 

13.70% 

13.322.174.11 

1.850.652.17 

13.89* 

' 

Arizona 

5,379,699.00 

1,032.956.02 

19.20% 

7,251,731.00 

1.516.332.60 

20.90% 

9,441.247.53 

1.781.405.12 

18.87% 

11,127,461.00 

1,628,933.48 

14.64% 

12.280,061.50 

1.856.320.72 

15.12% 

Utah 

9,378,185.38 
$159,506,695.72 

1,762,117.81 
$32,054,123.25 

18.79% 
20.09% 

12,294,459.16 
$204,528,488.45 

2,585,237.67 
$47,969,696.55 

21.02% 

15.256,141.49 
$249,980,476.15 

3,043,462.69 
$53,707,949.75 

19.95% 
21.48% 

18,455,341.11 
$301,061,900.91 

3,195,453.36 
$52,579,665.26 

17.31% 
17.46% 

19,754,218.74 
$342,930,578.35 

3.541.932.97 

17.93% 

Group  VIII,  Total 

23.45% 

$58,540,159.97 

17.07% 

5 

Total  United  States 

$2,848,118,767.34 

$455,429,358.57 

15.99% 

$3,400,858,582.53 

$611,300,906.49 

17.97% 

$4,082,704,846.97 

$667,849,091.36 

16.36% 

$4,964,777,369.29 

$673,426,747.73 

13.56% 

$5,.«;39,785.025.43 

$766,777,835.44 

13.84% 

$5.*»45.4t_*S.>l«» 

Territories: 
Alaska 

$1,107,017.00 

$143,359.40 

12.95% 

$1,265,248.00 

$31,430.67 

2.48% 

$1,571,529.85 

$204,081.69 

12.99% 

$1,478,740.00 

$243,853.35 

16.49% 

$1,407,116.64 

$230,139.25 

1564% 

$            -V         i^ 

Hawaii,    Philippines    and 

Porto    Rico 

'4,696,858.00 
$5,803,875.00 

644,642.09 
$788,001.49 

13.72% 
13.57% 

5,481.575.00 
$6,746,823.00 

334.610.23 
$366,040.90 

6.10% 
5.43% 

6.418.199.36 
$7,989,729.21 

1,152.901.89 
$1,356,983.58 

17.96% 
16.98% 

6.639.525.00 
$8,118,265.00 

1,040,061.41 
$1,283,914.76 

15.66% 
15.81% 

7.305.258.39 
$8,712,375.03 

1,003.908.69 

13-74% 
14.05% 

«  " 

Group  IX,  Total 

$1,224,047.94 

Total  United  States 

1 

AND     TeKKITORISS 

$2,853,922,642.34 

$456,217,360.06 

15.96% 

$3,407,605,405.53 

$611,666,917.39 

17.95% 

$4,090,694,576.18 

$669,206,074.94 

16.36%            $4,972,895,634.29 

$674,710,662.49 

13.57% 

$5,548,497,400.46 

$768,001,884.38 

13.84% 

s- 

The  admitted  assets  of  the  companies  included  in  the  above  table,  computed  from  original  statistics  contributed  by  the  companies  to  the  Association  of  Life  Insurance  Presidents,  represent  the  following  percentages  of  the  total  admitted  assets  of  all  American  life 

For  1911 — 93.19%  of  all  admitted  assets. 
•'  1914—92.78%  •* 
••  1917—89.92%  •' 
••  1919—90.69%  •* 
"  1920—93.34%  " 
"     1921—88.87%    " 


<l 

•< 

«t 

M 

« 

M 

<« 

«« 

tl.  1911 


JAJBLE  vll    ^^^ 
COMPARISON    OF    POLICY    LOANS    AND    PREMIUM    NOTES    WITH    TOTAL    POLICY    RESERVES  FOR  THE  YEARS  1911,  1914,  1919,  1920  AND  SEPT.  30,  1921 

DEC.  31,  1917  DEC.  31,  1919  DEC.  31,  1920 


DEC.  31,  1914 


SEPT.  30,  1921 


•OLICY 
>ANS  AND 

Iremium 

NOTES 


RATIO  OF 
LOANS  AND 

NOTES  TO 
RESERVES 


k2,8S4,397.68 
1,676,770.89 
[2,100,877.99 
15,515,944.15 
(2,721,534.43 
6.389.611.29 


17,464.555.81 

14,018,679.50 

18,946,258.85 

890,563.65 

5,583,725.07 

5,157,711.70 


,513,759.08 

.022,288.14 

'.712,118.39 

1.977,225.40 

\969,377.67 


5,768,228.44 
5,498,309.05 
K934,570.04 
f,328,061.24 
1,567,651.46 
J.457,385.90 


i,749,528.43 
5.005,701.20 
$,434,623.55 
5,787.841.72 
r,836,180.42 


,940,823.60 
5,955,609.19 
f,423, 082.87 
5.484,297.37 
^,144,681. 18 

995.619.76 
5.455.781.69 


,564,476.19 
,146,325.24 
1.341,708.43 
5,402,762.10 
1,726,925.44 
699,080.36 
5,210,580.76 


5,083,702.36 
f,210,221.43 
5,356,913.87 
497,304.19 
1,110,907.57 
1,032,956.02 
1,762,117.81 


|$143,359.40 
644,642.09 


12.18% 
11.94% 
13.69% 
15.27% 
12.25% 
13.12% 


1.259,136.43         14.19% 


16.73% 
12.27% 
15.35% 
12.54% 
13.43% 
13.94% 


11,061,494.58         15.57% 


12.87% 
14.42% 
12.64% 
13.99% 
13.16% 


M94.768.68         13.49% 


16.32% 
12.45% 
18.75% 
18.52% 
22.87% 
20.26% 


5.554,206.13         18.76% 


19.95% 
19.12% 
20.71% 
17.46% 
18.85% 


5,813,875.32         19.11% 


14.35% 
19.60% 
25.54% 
16.78% 
21.31% 
20.54% 
21.50% 


;.399.895.66         18.73% 


13.32% 
16.92% 
15.63% 
21.37% 
16.57% 
19.20% 
17.14% 


5,091,858.52         16.02% 


22.70% 
19.78% 
19.79% 
14.30% 
20.14% 
19.20% 
18.79% 


2,054,123.25         20.09% 


).429,358.57         15.99% 


12.95% 
13.72% 


^788,001.49         13.57% 


,217,360.06        15.96% 


TOTAL 
RESERVES 


POLICY 
LOANS  AND 

PREMIUM 
NOTES 


RATIO  OF 

LOANS  AND 

NOTES  TO 

RESERVES 


$27,790,443.43 
16,905,985.61 
17,495,179.16 

196,124,483.90 
25.774,807.25 
58.264,768.07 

$342,355,667.42 


$3,589,653.82 
2,004,073.61 
2,429.331.94 

31.338,715.60 
3,684,797.32 
8,587,571.65 


$614,580,716.47 

140,241.326.93 

365,057,097.08 

8,236,469.43 

58,141,690.20 

26,293,548.49 


$197,266,518.72 

87,708,877.46 

71,988,877.28 

274,551,855.70 

73,545,247.18 


$26,497,196.36 

13,318,806.55 

9,960,691.84 

44,490,897.01 

10,283,502.60 


$51,224,960.26 
26,179,744.35 
35.050.557.16 
27,197,263.11 
61,241,918.00 
19,832.218.00 

$220,726,660.88 


$9,406,909.73 
3,484,049.18 
7,830,836.04 
7,813,085.14 

18.287,988,90 
5,515,433.06 


$37,740,171.00 
28,329,736.00 
50,258,315.71 
58,061,625.45 
45.992.927.00 

$220,382,775.16 


$10,690,040.65 

7,530,457.75 

12.164,500.96 

11.110,307.35 

11.387,315.31 


$120,091,254.98 
24,388,472.00 
54,807,042.38 
31.932.609.02 
32,762,666.00 
5,594,933.00 
22,084,218.36 

$291,661,195.74 


$20,162,581.03 
6,354,002.83 
18,278,556.19 
5,779,283.53 
7,852,659.72 
1.413,985.51 
5,310.370.58 


$61,893,344.21 
69.941,315.41 
26,454,819.43 
13.114,635.63 
12,934.727.73 
4.061,824.00 
15,190,903.53 

$203,591,569.94 


$8,589,180.69 
10.782.169.72 
4,616,190.86 
2,815.421.60 
2,329.879.26 
1,023,649.86 
3,255,787.58 


$35,690,675.37 

20,834.782.75 

117,629,714.45 

3,953,861.60 

6.873.264.12 

7,251,731.00 

12,294,459.16 

$204,528,488.45 


$8,554,382.22 
5,024,595.78 

27,760,172.83 

804,557.12 

1,724,418.33 

1.516.332.60 

2,585,237.67 


$1,265,248.00 

5.481.575.00 

$6,746,823.00 


12.91% 
11.85% 
13.88% 
15.99% 
14.29% 
14.74% 


$51,634,143.94         15.08% 


$109,863,839.47  17.87% 

19,310,836.70  13.76% 

60,040,810.41  16.44% 

1,176,268.96  14.28% 

8,542,127.75  14.69% 

4,427,445.32  16.83% 


$1,212,550,848.60         $203,361,328.61         16.77% 


13.43% 
15.18% 
13.83% 
16.20% 
13.98% 


$705,061,376.34         $104,551,094.36         14.83% 


18.36% 
13.31% 
22.34% 
28.72% 
29.86% 
27.81% 


$52,338,302.05         23.71% 


28.32% 
26.58% 
24.19% 
19.13% 
24.75% 


$52,882,622.02         23.99% 


16.78% 
26.05% 
33.35% 
18.08% 
23.96% 
25.27% 
24.04% 


$65,151,439.39         22.34% 


13.87% 
15.41% 
17.44% 
21.46% 
18.01% 
25.20% 
21.43% 


$33,412,279.57         16.41% 


23.96% 
24.11% 
23.59% 
20.34% 
25.09% 
20.90% 
21.02% 


$47,969,696.55         23.45% 


$3,400,858,582.53         $611,300,906.49         17.97% 


$31,430.67  2.48% 

334,610.23  6.10% 

$366,040.90  5.43% 


$3.407,605.405.53         $611,666.917.39         17.95% 


TOTAL 
RESERVES 


POLICY  RATIO  OP  I 

LOANS  AND    LOANS  ANT>1 
PREMIUM      NOTES  TC 
NOTES  RESERVES 


$32,830,398.10 
19.996.891.30 
18.772.781.06 

233,140.312.94 
31.919.367.48 
74,440.858.61 

$411,100,609.49 


$4,012,283.46 
2.130,470.21 
2,534,370.66 

33,360.787.91 
3,991.964.42 
8,960,304.09 


$761,527,473.48 

178,744,572.98 

432,771.903.72 

10,585,669.23 

72,208,155.86 

30,511,677.51 


$247,033,821.42 

107,686,121.50 

87,006.278.58 

325,539,661.59 

87,596,319.16 


$28,801,086.82 
14,641,732.39 
11,816,137  64 
48,102,364.60 
10,756.956.79 


$59,141,128.83 
32,660,333  08 
41,046.358.24 
33,155,002.24 
64,398,401.26 
21,817,646.37 

$252,218,870.02 


$10,630,242.12 
4.187,562.82 
9,063,406.45 
8.694,443.24 
19.916.464.71 
6,199,182.82 


$41,687,086.70 
29,890,341.39 
58,673,173.67 
64.293,936.71 
51.321.167.37 

$245,865,705.84 


$12,399,981.75 

7.922,220.84 

14,074,355.99 

12,094.615.38 

11.311.470.89 


$138,693,064.23 
27,317,011.70 
56,657.749.29 
37,417,336.00 
37,602,839.68 
6.555,022.29 
29.500,518.89 

$333,743,542.08 


$21,813,865.82 
6.854,978.87 
21.521.755.33 
6,416,801.39 
8.326,742.82 
1.842.851.15 
6,285.764.17 


$76,050 
83.280 
33,691 
15.118 
16.322 
4.747 
19,373 


,539.07 
,160,22 
.178.58 
,190.07 
694.54 
,382.98 
,842.90 


$9,411,283.96 
12,699.467.17 
4,793,603.46 
3,194,061.51 
2,713.397.82 
888,111.25 
3,591,671.93 


$248,583,988.36 


$43,577,246.97 

24,413.118.32 

143,790,919.87 

4,484,567.54 

9,017,234.43 

9.441,247.53 

15,256.141.49 

$249,980,476.15 


$10,082,792.93 
5.646,805,34 
30,757.076.96 
677,659.00 
1,718,747.71 
1,781,405.12 
3,043,462.69 


$1,571,529.85 

6,418,199.36 

$7,989,729.21 


12.22% 
10.65% 
13.50% 
14.30% 
12.50% 
12.03% 


$854,862,202.25         $114,118,278.24         13.35% 


17.97% 
12.82% 
22.08% 
26.22% 
30.9?% 
28.41% 


$58,691,302.16         23.26% 


29.74% 
26.53% 
23.98% 
.8.81% 
22.04% 


$57,802,644.85  23.51% 


15.73% 
25. .09% 
37.99% 
17.15% 
22.14% 
28.11% 
21.31% 


$73,062,759.55        21.89% 


12.38% 

15.25% 
14.23% 
21.13% 
16.62% 
18.71% 
18.54% 


$37,291,597.10         15.00% 


23.14% 
23.13% 
21.39% 
15.11% 
19.06% 
18.87% 
19.95% 


$53,707,949.75         21.48% 


$4,082,704,846.97         $667,849,091.36         16.36% 


$204,081.69       .  12.99% 
1,152,901.89         17.96% 


$1,356,983.58         16.98% 


$4.090,694.576.18        $669.206.074.94         16.36% 


$54,990,180.75         13.37% 


$117,794,966.34  15.46% 

22,322.727.34  12.48% 

61,708,381.04  14.25% 

1,595,525.67  15.07% 

9,692,642.57  13.42% 

5,070,136.00  16.61% 


$1,486,349,452.78         $218,184,378.96         14.67% 


11.65% 
13.59% 
13.58% 
14.77% 
12.28% 


M 


TOTAL 
RESERVES 


POLICY  RATIO  OF 

LOANS  AND  LOANS  AND 

PREMIUM  NOTES  TO 

NOTES  RESERVES 


$39,268,268.13 
23,454,098.11 
20,859,154.52 

301,168,711.00 
43,232,222.05 
92,953,961.92 

$520,936,415.73 


$4,404,850.38 
2,274,741.98 
2.557,243.84 

35,035.321.81 
4.325.081.13 
9,066,993.06 


$941,468,700.96 

218,014,237.60 

504.206,865.37 

13,952,763.18 

85,897,930.54 

35,334.427.08 


$120,406,555.22 

23,390,361.40 

61,640,364.23 

1,909,070.06 

9,613,122.92 

5.393.094.11 


$312,799,152.31 

133.307,502.94 

108,482,372.39 

398,813,356.69 

99,713,255.37 


$31,348,922.90 
15,303,619.85 
11,679.507.14 
50,612,147.74 
10,128,229.79 


$69,903,717.74 
41,400.736.95 
55,132.000.75 
40,416.405.62 
83,844,480.88 
23,746.781.00 

$314,444,122.94 


$10,677,653.65 
4.610.461.68 

10,204,747.29 
8.435.661.11 

19,600.730.67 
6.032,611.87 


$47,780,449.80 
34.630,779.00 
67,728,167.17 
74,884.546.74 
56,574,990.00 

$281,598,932.71 


$12,050,088.29 

7,585,389.93 

13,808.000.63 

11,398,150.57 

10,799,603.27 


$171,808,814.46 
31,654,821.00 
57.899,228.59 
46.087,729.09 
43,498,954.00 
7,039,143.00 
37,901,910.82 


$22,401,447.27 
6,634,869.67 
17,766.611.73 
6,066,894.59 
8.188,456.07 
1,665,951.87 
6,315.284.36 


$91,612,544.12 
101,077,989.88 
42,237.077.56 
16,322,174.24 
20,781.988.59 
5.777.310.66 
21,045,746.56 

$298,854,831.61 


$9,493,678.29 
12,941,981.81 
4,758,402.17 
3,047,211.80 
2,593.071.28 
960.470.99 
3,720,424.05 


$54,780,213.15 
29.434,455.73 

171,184.889.95 

4,188,573.11 

11.890.966.86 

11.127.461.00 

18,455,341.11 

$301,061,900.91 


$9,896,611.12 
5,177,167.52 

30.418,322.99 

683.146.76 

1.630.030.03 

1.628,933.48 

3,195.453.36 


$1,478,740.00 

6,639,525.00 

$8,118,265.00 


$243,853.35 
1,040,061.41 


11.21% 
9.70% 
12.25% 
11.63% 
10.00% 
9.75% 


$57,664,232.20         11.07% 


12.79% 
10.73% 
12.22% 
13.68% 
11.19% 
15.26% 


$1,798,874,924.73         $222,352,567.94         12.33% 


10.02% 
11.48% 
10.77% 
12.69% 
10.16% 


$1,053,115,639.70         $119,072,427.42         11.31% 


15.27% 
11.13% 
18.51% 
20.87% 
23.37% 
25.40% 


$59,561,866.27         18.94% 


25.22% 
21.90% 
20.39% 
15.22% 
19.09% 


$55,641,232.69         19.76% 


13.04% 
20.96% 
30.69% 
13.16% 
18.82% 
23.67% 
16.66% 


$395,890,600.96  $69,039,515.56         17.44% 


10.36% 
12.80% 
1 1 .27% 
18.67% 
12.47% 
16.62% 
17.68% 


$37,515,240.39         12.55% 


18.06% 
17.59% 
17.78% 
15.12% 
13.70% 
14.64% 
17.31% 


$52,579,665.26         17.46% 


$4,964,777,369.29         $673,426,747.73         13.56% 


16.49% 
15.66% 


$1,283,914.76        15.81% 


$4,972,895,634.29        $674.710,662.49        13.57% 


TOTAL 
RESERVES 


POLICY  RATIO  OF 

LOANS  AND  LOANS  AND 

PREMIUM  NOTES  TO 

NOTES  RESERVES 


$42,163,283.90 
24,518,138.58 
22,136,499.97 

324,490,290.80 
47,210,687.39 

102.498.682.13 

$563,017,582.77 


$4,563,690.19 
2,337,052.95 
2.692,746.99 

39,207,497.07 
4,800.181.59 

10,879.489.52 


$1,042,617,869.29 

240,945.080.79 

554,346,783.93 

15,264,301.36 

93,140,744.27 

38.181,093.32 


$136,010,897.11 

25.524.132.24 

67.836.070.41 

1.835.406.11 

10.937,818.42 

6,042.167.60 


$349,902,450.40 
154.032.611.55 
127.298,565.15 
437,333,374.79 
111,249,260.95 


$36,198,202.66 
17,357,826.68 
14,249,607.18 
56.049.812.39 
11,107,332.61 


$76,948,416.62 
47,443,051.96 
64,128,128.73 
48,411,422.69 
95.3-54,407.05 
27,228.651.01 

$359,514,078.06 


$12,772,180.57 

5.156,580.13 

12,154,968.71 

10,406.853.24 

23,068,760.59 

6,563.291.86 


$54,224,673.98 
38.639.472.14 
77.682.226.35 
82,676,199.55 
63,650,485.96 

$316,873,057.98 


$13,771,751.01 

9,023,314.70 

16,098.106.95 

12,925,384.50 

12,090,300.23 


$193,825,677.67 
38,068.804.51 
69.711,073.17 
52.062.523.03 
48.401.594.02 
7,881,855.50 
47,861.051.66 

$457,812,579.56 


$26,016,559.00 
7,887.831.83 
20.269.297.15 
7,157,169.28 
9,501,364.82 
1.995.161.18 
7,244,536.57 


$99,648,925.44 
115,211,140.64 
47,561.782.10 
20,882,094.31 
23,317.761.81 
6,297,903.22 
22,405,405.39 

$335,325,012.91 


$11,553 
15.823 
6,097 
4,097 
3.459 
1.082 
4.390 


.105.37 
,587.43 
.625.41 
,309.72 
507.38 
,864.71 
,332.41 


$62,031.5:8.67 
33,047,791.72 

198,226.933.94 

4,267.879.67 

13,322.174.11 

12.280,061.50 

19,754,218.74 

$342,930,578.35 


$10,959,001.34 
5.747,711.81 
33,948.904.20 
635.636.76 
1.850,652.17 
1.856.320.72 
3,541,932.97 


$1,407,116.64 

7,305,258.39 

$8,712,375.03 


$220,139.25 
1,003,908.69 


10.82% 
9.53% 
12.16% 
12.08% 
10.17% 
10.61% 


$64,480,658.31  11.45% 


13.05% 
10.59% 
12.24% 
12.02% 
11.74% 
15.82% 


$1,984,495,872.96         $248,186,491.89         12.51% 


10.35% 
11.27% 
11.18% 
12.82% 
9.98% 


$1,179,816,262.84         $134,962,781.52         11.44% 


16.60% 
10.87% 
18.95% 
21.50% 
24.19% 
24.10% 


$70,122,635.10         19.50% 


25.40% 
23.35% 
20.72% 
15.6.3% 
18.99% 


$63,908,857.39         20.17% 


13.42% 
20.72% 
29.08% 
13.75% 
19.63% 
25.31% 
15.14% 


$80,071,919.83         17.49% 


11.59% 
13.7.3% 
12.82% 
19.62% 
14.84% 
17.19% 
19.59% 


$46,504,332.43         13.87% 


17.67% 
17.39% 
17.13% 
14.89% 
13.89% 
15.12% 
17.93% 


$58,540,159.97         17.07% 


$5,539,785,025.43         $766,777,835.44         13.84% 


15.64% 

13.74% 


$1,224,047.94         14.05% 


ipanies  included  in  the  above  table,  computed  from  original   statistics  contributed  by  the  companies 


$5,548,497,400.46        $768,001.884.38         13.84% 


TOTAL 
RESERVES 


POLICY 

LOANS  AND 

PREMIUM 

NOTES 


RATIO  OF 

LOANS  AND 

NOTES  TO 

RESERVES 


$40,439,036.58 
25,249,791.09 
22,696,984.00 

341,071,775.53 
49.952.695.05 

107,543,568.25 

$586,953,850.50 


$4,276,230.67 
2,609,578.61 
2.815,655.63 

43,136,348.13 
5.240,021.21 

11,954,713.88 


10.57% 
10-33% 
12.40% 
12.65% 
10.49% 
11.12% 


$70,032,548.13         11.93% 


Gmktf  I. 


$1,096,763,016.94 

256,048.886.35 

573.700.392.59 

16.309.286.44 

96.857,389.60 

39,263,318.28 


$149,287,402.57 
28.211.365.92 
70,949.904.45 

2,032,773.58 
12,165,157.62 

6,092.729.60 


13.61% 
11.02% 
12.37% 
12.46% 
12.56% 
15.52% 


$2,078,942,290.20         $268,739,333.74         12.93% 


II,  Tw«i. 


$364,016,982.62 
157,416,613.33 
129,493,768.29 
447,737,577.94 
116,397.418.02 


$40,783,799.27 
19,478,653.14 
14,955,787.81 
60,731,015.42 
12,015,563.25 


11.20% 
12.37% 
11.55% 
13.56% 
10.32% 


Central  NortWrm: 
Ohio 


$1,215,062,360.20         $147,964,818.89         12.18% 


in.  T< 


$68,805,521.26 
49,366.772.41 
55.108.251.94 
40,542.357.50 
92,647.244.66 
27,933,227.90 

$334,403,375.67 


$12,743,654.14 

5,358.801.54 

12,354,146.18 

11.055,815.95 

26,205,959.38 

6,826.587.32 


18.52% 
10.86% 
22.42^ 
27.27% 
28.29% 
24.44% 


So«th  J 
Virgvua 
West   V 
Nortk 
Sooth  C 
Georgia 
norida 


$74,544,964.51  22-29% 


Gwrr  lY.  T 


$54,424,714.49 
38.783.482.53 
78.529.638.24 
83,645,695.99 
60,677,765.40 

$316,061,296.65 


$14,742,241.95 

9,802,354.82 

17,938,431.53 

13,791.474.08 

13.077,499.97 


27.09% 
25.27^r 
22.84% 
16.49% 
21.55% 


Gulf  and 


$69,352,002.35         21.94% 


$195,325,767.69 
36,460,727.06 
63,206.593.88 
51,516.577.15 
48.742,402.34 
9,055,954.81 
47,294,955.98 

$451,602,978.91 


$28,098,875.55 
8,288,353.80 

20,556,230..'?4 
7,470,297-58 

10.386,342.91 
2,132.995.75 
7,785,167.49 


14.39% 
22.73% 
32.52% 
14.50% 
21.31% 
23.55% 
16.46% 


South  western : 
Missotiri 
Arkansas 
Texas 
Kansas 
Colorado 
New 
OIUhuMa 


$84,718,263.42         18.76% 


Gaory  VT.  Totai. 


$100,408,949.30 
112.143,266.27 
46,113,170.00 
18,356.230.53 
22.017.689.67 
6,367.523.68 
22,194,296.69 

$327,601,126.14 


$14,321,442.15 
17.095,734.04 
7,135,029.07 
4,228,388.74 
4,016.526.29 
1,189,908.12 
4,606.172.02 


14.26% 
15.24% 
15-47% 
23.05% 
18.24% 
18.69% 
20.75% 


$52,593,200.43         16.05% 


North  west  era: 
Iowa 

MinneaoCa 
Nebraska 
North  Dakota 
Sooth 
Wj 
Montaaa 

Gaorr  VII.   Torat. 


$63,793,319.75 
33,768.414.12 

204,494,160.34 

4,485.471.44 

14,174,069.42 

12,655,376.83 

21,027,228.73 

$354,398,040.63 


$12,044,341.29 
6.195,292.68 
36.331.448  84 
706,268.17 
2,386.682.35 
2,138.879.86 
3,920,982.46 


18.88% 
18.35% 
17.77% 
15.75% 
16.84% 
16.90% 
18.64% 


$63,723,895.65         17.98% 


Pacific: 

WashiacCaa 

Oreiroe 

California 

Nerada 

Idaho 

Arizooa 

Utah 

Gaorr-  Vin. 


$5,665,025,318.90         $831,669,027.12         14.68% 


Total  Usrrra  Sta 


$1,523,548.91 

6,709,207.82 

$8,232,756.73 


$203,175.86 
817.205.72 


13.36% 
12.18% 


Territoriea; 
Alaska 
Hawaii. 

InUCtO 


$1,020,381.58         12.39% 


$5,673,258.075.63         $832,689,408.70         14.68% 


Gmour  TX.  T^ai, 


Tot  At  U«iT«» 
Ava    Taaa 


to  the  Association  of  Life  Insurance  Presidents,  represent  the  following  percentages  of  the  total  admitted  assets  of  all  American  life  insurance  companies  as  shown  by  the  Year  Book: 
For  1911—93.19%  of  all  admitted  assets. 
"     1914—92.78%    ••     " 
-     1917—89.92%    "     •• 
*•     1919—90.69%    "    " 


"     1920—93.34%    "     " 
"     1921—88.87%    ••     •• 


II 

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PERCENT  OF 
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80 


T  I  IChart  Ko.7.'  »~     77' 
Ratio  by  3ectlor.s  of  Rural  to  Total  Populatlow 


PfWfNT  Of 


Rotto  bv  Sccf/aw  of  ft>'»cv  Loans 
and  Premium  Notes  to  Re^rve. 
$eptemt>er  50.  \9Z\ 
December  H.  \9\9 


Percentajres  of  oooulation  apply  to  unbroken  line  indicating  ratio  of  total  Ru^a^  *o^*°*fJ 
United  s£tTpopul?t?on  and  to'^Ubroken  curve  indicating  by  sections  in  the  United   States 

SrS  r?  t*o%rlrXr?urVV¥ndY:rnt  ?irs  Ti  ?o1fcT^oans  knd   premium  notes  to 
reserves  by  sections  in  the  United  States  on  these  two  dates. 


45 


/ 


^ 


A  DECADE  OF  LIFE  INSURANCE  INVESTMENTS 

By  Asa  S.  Wing 

President,  Provident  Life  &  Trust  Co., 
Philadelphia,  Pa. 


T^SJ^J,l\\^^  ^^^^'^  HUNDRED  AND  THIRTY- 
TWO  MILLION  SEVEN  HUNDRED  AND  TWENTY- 
FOUR  THOUSAND  FIVE  HUNDRED  AND  SIXTY  DOL- 
LARS AND  SIX  CENTS !  Does  the  mention  of  these  figures 
m  words  convey  any  idea  to  the  mind  of  anyone?  If  I  say  that 
this  was  the  amount  of  admitted  assets  held  at  the  close  of  1920 
m  trust  for  their  policyholders  by  forty-seven  (47)  American 
Life  Insurance  Companies,  does  that  clarify  the  meaning  of  the 

Twn"f/T?™^^°'^  ^'^"■r  HUNDRED  AND  THIRTY- 
TWO    MILLION    SEVEN    HUNDRED    AND    TWENTY 
FOUR  THOUSAND  FIVE  HUNDRED  AND  SIXTY  DOL 
LARS  AND  SIX  CENTS? 

Prii,?  M^°'I'^.'  '"k  ^\"  "^'  °^  Gladstone,  referring  to  the  great 

..Tr %  "n  u*""^^'*  '^^"'^^''  ^^^^  ^«  "•"^de  thousands 
eager  to  follow  the  public  balance-sheet,  and  the  whole  nation 
became  h,s  audience,  interested  in  him  and  his  themes"-and 

tl  P°"',  A  "■"T*^"'  ^^°  ^^^  ''^*^"^'l  t°  ^"  the  financiers 

from  Peel  downwards,  said  that  Peel's  statements  were  ingenious 
and  able  but  dry;  Disraeli  was  clever  but  out  of  his  element; 
Wood  was  hke  a  cart  without  springs  on  a  heavy  road;  Glad- 
stone was  the  only  man  who  could  lead  his  hearers  over  the  arid 

wirutlX""'  '''"  '^'"■■'"'  '"'  "^^'^  ^"'  ^"^^^""^ 
What  would  I  gladly  give  today  for  a  tithe  of  Gladstone's 
abihty  m  my  eflfort  to  present  the  financial  facts  placed  at  my 
disposal  in  such  a  way  as  to  make  them  mean  much  more  than 
a  great  mass  of  figures. 

Life^^In'^nrl"'  T  '""^'''  '"^  seventy-two  (272)  American 
Life  Insurance  Companies  reported  as  doing  business  at  the 
end  of  1920  holdmg  admitted  assets  amounting  to  $7,319,997,019. 

46 


U 


These  forty-seven  (47)  companies  therefore  represent  93.34 
per  cent,  of  the  total  assets  of  all  the  American  Life  Insurance 
Companies.  If  inquiry  be  raised  as  to  why  this  address  deals 
with  93.34  per  cent,  of  the  assets,  instead  of  the  total,  the  answer 
is  that  the  standard  compilations  of  life  insurance  assets  do  not 
disclose  their  geographical  distribution.  Therefore,  the  com- 
panies were  requested,  for  this  occasion,  to  supply  their  invest- 
ment figures  subdivided  by  states  and,  as  indicated  by  the  per- 
centage, those  representing  a  large  proportion  of  the  business 
were  able  to  do  this.  I  here  record  my  thanks  to  them  for  this 
painstaking  service  for  the  institution  as  a  whole. 

I  present  with  this  paper  Table  I  showing  in  detail  the  pro- 
portionate amounts  of  these  assets  invested  in  Real  Estate  Mort- 
gage Loans;  Railroad  Bonds  and  Stocks;  Other  Bonds  and 
Stocks;  United  States  Loans;  State,  County  and  Municipal 
Loans  in  the  United  States ;  Government  Bonds  in  Other  Coun- 
tries; Premium  Notes,  Loans  or  Advances  to  Policyholders; 
and  Other  Assets.    (Tables  follow  page  61.) 

For  th€  purposes  of  comparison,  and  in  order  to  show  the 
increases  in  the  totals  during  the  nine  years  since  191 1,  and  the 
changes  as  to  kinds  of  investments,  these  particulars  are  given 
in  the  tables  for  the  end  of  191 1,  1914,  19^7  and  1919,  as  well  as 
for  December  31,  1920. 

I  present  also  Table  II  showing  the  sectional  distribution  of 
these  assets,  with  ratio  of  assets  invested  in  each  section  to  the 
reserves  or  liability  on  the  outstanding  insurance  on  Hves  of 
policyholders  resident  in  that  section.  This  table  also  gives  the 
facts  as  shown  at  the  end  of  the  years  191 1,  1914,  I9i7»  19^9  and 
1920,  and  enables  us  to  trace  the  tendency  of  change  in  the  dis- 
tribution of  life  insurance  assets  in  this  country,  both  as  to  the 
character  of  the  investments  made  and  as  to  the  sections  where 
the  funds  are  invested. 

I  appreciate  how  lacking  in  interest  numbers  are  in  any  ad- 
dress, and  will,  therefore,  in  asking  your  consideration  of  some 
of  the  significant  facts  evidenced  by  these  tables,  try  to  limit  my 
mention  of  amounts  to  billions  and  millions,  rather  than  burden 
you  with  the  exact  sums  carried  out  to  the  last  cent.  Anyone 
who  wants  a  more  exact  statement  may  readily  find  it  in  the 

tables. 

First,  let  me  call  your  attention  to  the  marvelous  increase  in 
the  funds  invested  for  life  insurance  since  191 1.    At  the  end  of 

47 


/•* 


that  year  the  amount  was  three  billions  eight  hundred  and  eighty- 
one  millions.  Nine  years  later  it  is  six  billions  eight  hundred 
and  thirty-two  millions.  That  is,  during  the  one  hundred  and 
fifty-two  years  since  the  first  company  was  organized  for  insur- 
mg  lives  in  this  country,  all  the  American  companies  accumulated 
assets  amounted  to  a  little  over  four  billion  dollars  up  to  the 
close  of  191 1.  In  the  nine  years  since  then,  there  has  been  added 
three  billion  dollars  to  that  sum. 

This  great  increase  in  the  life  insurance  investments  during 
the  nine  years  has  been  distributed  as  to  class  of  security  as 
follows : 

Increased  Investments 
/-I  f  o  Per  Cent. 

Class  of  Security  Amount  of  Total 

Mortgage  loans   . .      $978,300,000  33.15 

U.  S.  Government  bonds 771,900,000  26 15 

Policy  loans 314,500,000  10.66 

btate,  county  and   municipal   bonds 

(including     government     bonds 

of   foreign   governments) 302,400,000  10.24 

Inter-state  railroad  bonds  and  stocks  309,000,000  10.47 

Intra-state  bonds  and  stocks ioo,90o!ooo  3  42 

Collateral  loans   18,300,000  .62 

^^.^^    ' : 20,800,000  .70 

Miscellaneous    investments    (includ- 
ing non-ledger  assets)    150,800,000  5.1 1 

Total  increases 2,966,900,000  100.52 

Reduced  Investments 

Real  estate 15,200,000  .51 

Other  stocks  and  bonds 300  000  01 

Total  reductions   i5,5oo,'ooo  ^52 

Net  increase  in  investments  during 

^''^^y^^^s   2,951,400,000  100.00 

I  will  refer  later  to  the  greatness  of  the  whole  accumulated 
fund. 

But  now  may  I  point  out  some  of  the  matters  of  interest  most 
apparent  in  the  tables  presented  herewith.  In  this  connection 
I  have  prepared  Charts  A  and  B.    (For  charts  see  pp.  57-60.) 

In  Chart  A  the  vertical  distance  from  the  straight  base  line 

48 


i% 


to  the  irregular  ascending  line  at  the  top  represents  by  scale  the 
comparative  total  of  admitted  assets  held  by  the  tabulated  com- 
panies for  the  years  191 1,  1914,  ^9^7 ^  I9i9»  and  1920  as  shown 
by  figures  in  the  tables,  and  for  the  intervening  years  by  the 
connecting  lines. 

The  lines  running  across  the  chart  separate  the  different  kinds 
of  investments.  In  Chart  B  the  same  separation  is  shown  in  per- 
centages of  the  whole,  instead  of  by  proportionate  parts  of  a 
whole  for  each  year.  The  first  space  between  the  upper  line  and 
the  line  next  below  it,  represents  the  amounts  invested  in  real 
estate  varying  during  the  years  from  one  hundred  and  fifty-two 
millions  in  191 1  to  one  hundred  and  thirty-six  millions  in  1920, 
but  turning  to  Chart  B  we  note  that  the  percentage  to  total 
assets  decreases  from  nearly  4%  to  2%. 

The  demand  for  real  estate  during  the  period  under  observa- 
tion has  made  unnecessary  acquisitions  by  foreclosure  which 
under  other  conditions  would  have  been  made,  and  the  same 
cause  has  enabled  life  insurance  companies  to  sell  advantage- 
ously properties  previously  acquired  by  foreclosure  of  mortgages. 
This  largely  accounts  for  reducing  the  percentage  of  real  estate 
held  to  one-half  what  it  was  nine  years  before.  There  is  a  warn- 
ing significance  too  in  the  fact  that  between  191 1  and  1919  there 
was  a  reduction  in  real  estate  held  of  $22,459,000,  but  during 
1920  the  companies  increased  their  holdings  $7,269,000,  or  about 
one-third  the  amount  they  disposed  of  during  the  previous  eight 

years. 

On  the  Chart  A  the  second  space  shows  the  amount  of  mort- 
gage loans — one  billion  two  hundred  and  twenty-eight  millions 
at  the  end  of  191 1,  increasing  rapidly  until  at  the  end  of  1920  the 
amount  is  two  billions  two  hundred  and  six  millions,  an  increase 
in  the  nine  years  of  nine  hundred  and  seventy-eight  millions, 
being  one-third  of  the  companies*  current  investment  funds  for 

the  period. 

No  other  class  of  investments  made  from  life  insurance  funds 
is  so  great  as  mortgage  loans,  and  no  class  has  been  so  largely 
added  to  during  these  years.  These  loans  are  about  equally 
divided  between  farm  mortgages  and  mortgages  upon  other  real 
estate.  At  the  end  of  1920  the  farm  mortgages  amounted  to  one 
billion  eighty-six  millions,  and  other  mortgages  to  one  billion 
one  hundred  and  twenty  millions. 

Chart  B  shows  how  evenly  the  percentage  of  mortgage  loans 

49 


0 


that  year  the  amount  was  three  billions  eight  hundred  and  eighty- 
one  millions.  Nine  years  later  it  is  six  billions  eight  hundred 
and  thirty-two  millions.  That  is,  during  the  one  hundred  and 
hfty-two  years  since  the  first  company  was  organized  for  insur- 
mg  hves  in  this  country,  all  the  American  companies  accumulated 
assets  amounted  to  a  little  over  four  billion  dollars  up  to  the 
close  of  191 1.  In  the  nine  years  since  then,  there  has  been  added 
three  billion  dollars  to  that  sum. 

This  great  increase  in  the  life  insurance  investments  during 
the  nine  years  has  been  distributed  as  to  class  of  security  as 
follows : 

Increased  Investments 
r-i  re-        •  Per  Cent. 

Class  of  Security  Amount  of  Total 

Mortgage  loans   . .  $978,300,000  33.15 

U.  S.  Government  bonds 771.900,000  26.1s 

^"''•^y'"^"^   314,500,000  10.66 

btate,  county  and   municipal  bonds 

(including     government     bonds 

of   foreign   governments) 302,400,000  10.24 

Inter-state  railroad  bonds  and  stocks  309,000,000  10  47 

Intra-state  bonds  and  stocks 100,900,000  3  42 

Collateral  loans   18,300,000  .62 

^f.'^    • : 20,800,000  .70 

Miscellaneous    investments    (includ- 
ing non-ledger  assets)    150,800,000  5  1 1 

Total  increases 2,966,900,000  100.52 

Reduced  Investments 

nlu^"'^'V"'y: ^5,200,000        .51 

Other  stocks  and  bonds 300,000  01 

Total  reductions   15,500,000  .2 

Net  increase  in  investments  during 

"^^^y^^^^   2,951,400,000  100.00 

I  will  refer  later  to  the  greatness  of  the  whole  accumulated 
fund. 

But  now  may  I  point  out  some  of  the  matters  of  interest  most 
apparent  in  the  tables  presented  herewith.  In  this  connection 
I  have  prepared  Charts  A  and  B.    (For  charts  see  pp.  57-60.) 

In  Chart  A  the  vertical  distance  from  the  straight  base  line 

48 


f  • 


to  the  irregular  ascending  line  at  the  top  represents  by  scale  the 
comparative  total  of  admitted  assets  held  by  the  tabulated  com- 
panies for  the  years  191 1,  1914,  1917,  I9i9>  and  1920  as  shown 
by  figures  in  the  tables,  and  for  the  intervening  years  by  the 
connecting  lines. 

The  lines  running  across  the  chart  separate  the  diflFerent  kinds 
of  investments.  In  Chart  B  the  same  separation  is  shown  in  per- 
centages of  the  whole,  instead  of  by  proportionate  parts  of  a 
whole  for  each  year.  The  first  space  between  the  upper  line  and 
the  line  next  below  it,  represents  the  amounts  invested  in  real 
estate  varying  during  the  years  from  one  hundred  and  fifty-two 
millions  in  191 1  to  one  hundred  and  thirty-six  millions  in  1920, 
but  turning  to  Chart  B  we  note  that  the  percentage  to  total 
assets  decreases  from  nearly  4%  to  2^0- 

The  demand  for  real  estate  during  the  period  under  observa- 
tion has  made  unnecessary  acquisitions  by  foreclosure  which 
under  other  conditions  would  have  been  made,  and  the  same 
cause  has  enabled  life  insurance  companies  to  sell  advantage- 
ously properties  previously  acquired  by  foreclosure  of  mortgages. 
This  largely  accounts  for  reducing  the  percentage  of  real  estate 
held  to  one-half  what  it  was  nine  years  before.  There  is  a  warn- 
ing significance  too  in  the  fact  that  between  191 1  and  1919  there 
was  a  reduction  in  real  estate  held  of  $22459,000,  but  during 
1920  the  companies  increased  their  holdings  $7,269,000,  or  about 
one-third  the  amount  they  disposed  of  during  the  previous  eight 

years. 

On  the  Chart  A  the  second  space  shows  the  amount  of  mort- 
gage loans — one  billion  two  hundred  and  twenty-eight  millions 
at  the  end  of  191 1,  increasing  rapidly  until  at  the  end  of  1920  the 
amount  is  two  billions  two  hundred  and  six  millions,  an  increase 
in  the  nine  years  of  nine  hundred  and  seventy-eight  millions, 
being  one-third  of  the  companies'  current  investment  funds  for 

the  period. 

No  other  class  of  investments  made  from  life  insurance  funds 
is  so  great  as  mortgage  loans,  and  no  class  has  been  so  largely 
added  to  during  these  years.  These  loans  are  about  equally 
divided  between  farm  mortgages  and  mortgages  upon  other  real 
estate.  At  the  end  of  1920  the  farm  mortgages  amounted  to  one 
billion  eighty-six  millions,  and  other  mortgages  to  one  billion 
one  hundred  and  twenty  millions. 

Chart  B  shows  how  evenly  the  percentage  of  mortgage  loans 

49 


to  total  assets  runs,  31.65%  at  the  end  of  191 1  and  32.29%  at 
the  end  of  1920,  with  but  slight  variations  between. 

This  percentage  has  been  maintained  and  the  mortgage  loans 
increased  by  an  amount  averaging  more  than  one  hundred  mil- 
lion dollars  each  year,  notwithstanding  the  diversion  of  nearly 
as  much  money  to  investment  in  United  States  bonds.  The  life 
insurance  companies  have  contributed  liberally  to  these  two 
appealing  demands  for  money  during  the  war  and  since,  60% 
of  the  total  net  increase  in  investments  for  the  entire  period 
going  to  these  two  classes. 

If  we  turn  now  to  investments  in  railroad  bonds  and  stocks 
we  note  a  striking  change  during  the  period  observed.  The 
amount  so  invested  in  191 1  was  one  billion  three  hundred  and 
eighty-three  millions,  which  was  increased  by  1920  to  one  billion 
seven  hundred  and  ninety-three  millions,  an  increase  of  only 
30%,  whereas  the  increase  in  the  mortgage  loans  was  nearly 
80%.  The  ratio  of  railroad  securities  to  total  assets  at  the 
beginning  of  the  period  was  3564%,  which  was  reduced  to 
26.25%  at  the  end,  only  13.90%  of  all  their  current  investments 
being  in  this  class  of  securities  during  the  period. 

Other  bonds  and  stocks  contribute  a  comparatively  small 
percentage  to  the  total  assets,  showing  5.22%  in  191 1,  which  was 
reduced  to  2.96%  by  1920,  and  the  actual  amount  so  invested 
was  something  over  two  hundred  and  two  millions  at  both  dates, 
being  slightly  less  at  the  later  date. 

A  revealing  contrast  is  shown  in  the  holdings  of  United 
States  bonds  during  the  nine-year  period.  At  the  end  of  191 1, 
before  these  bonds  were  listed  as  a  separate  item,  the  com- 
panies held  about  $520,000  of  them  as  compared  with  seven  hun- 
dred and  seventy-two  millions  at  the  end  of  1920.  The  appear- 
ance of  United  States  bonds  as  a  separate  life  insurance  invest- 
ment item  occurs  in  the  tables  beginning  with  the  year 
1917,  when  the  amount  had  increased  to  nearly  sixty-three  mil- 
lions—a  little  more  than  1%  of  all  the  assets.  Three  years  later, 
with  the  amount  increased  to  seven  hundred  and  seventy-two 
millions,  the  percentage  is  11.30%  of  the  total  assets  and  26% 
of  all  the  companies'  current  investments  during  the  nine-year 
period. 

Then  follow  state,  county  and  municipal  bonds  of  the  United 
States  and  territories  amounting  to  one  hundred  and  fifty-five 
millions   in    191 1,   increasing  each   year   unti.    1920,   when   the 

50 


amount  is  two  hundred  and  eighty-nine  millions,  an  increase  of 
86%,  while  in  the  same  time  the  whole  admitted  assets  in- 
creased 76%. 

The  investments  in  Government,  state,  county  and  municipal 
bonds  outside  the  limits  of  the  United  States  increased  from 
eighty-two  millions  in  191 1  to  two  hundred  and  fifty-seven  mil- 
lions in  1919,  and  decreased  to  two  hundred  and  fifty-one  millions 
a  year  later..  However,  they  still  show  an  increase  of  over  200% 
during  the  nine  years,  being  the  largest  percentage  of  increase 
in  any  class  of  investments,  except  United  States  bonds. 

Premium  notes  and  policy  loans  were  reported  as  five  hun- 
dred and  five  millions  in  191 1  and  eight  hundred  and  twenty 
millions  in  1920,  an  increase  of  62%.  The  percentage  to  total 
assets  has  varied  with  changes  in  general  business  conditions, 
being  reported  as  13.03%  for  191 1,  14.90%  for  1914,  13.76%  for 
1917,  11.89%  for  1919,  and  12%  at  the  end  of  1920. 

The  three  remaining  items  of  classification  in  the  table  are 
included  as  one  in  the  charts.  They  include  collateral  loans 
amounting  to  less  than  one-half  of  one  per  cent,  of  the  total 
assets,  cash  on  hand  and  in  banks  never  reported  for  the  years 
under  consideration  so  high  as  2%  of  the  total,  and  non-ledger 
assets  comprising  approximately  3%  of  the  assets. 

In  Table  II  is  shown  in  detail  for  the  years  191 1  and  1920 
not  only  in  distribution  as  to  kind  of  all  the  investments  to 
which  I  have  called  attention,  but  a  separation  showing  this  dis- 
tribution for  different  localities,  and  a  comparison  of  the  amount 
invested  in  each  locality  with  the  amount  of  reserves,  or  liability 
on  the  insurance  in  force  on  the  lives  of  residents  in  each 
section. 

The  table  shows  a  distribution  among  eleven  sections  as  fol- 
lows: 


Section  No.  i. — New  England  States — Connecticut,  Maine, 
Massachusetts,  New  Hampshire,  Rhode  Island,  Vermont. 

Section  No.  2. — Middle  Atlantic  States — Delaware,  District 
of  Columbia,  Maryland,  New  Jersey,  New  York,  Pennsylvania. 

Section  No.  3. — Central  Northern  States — Ohio,  Michigan, 
Indiana,  Illinois,  Wisconsin. 

Section  No.  4. — South  Atlantic  States — Virginia,  West  Vir- 
ginia, North  Carolina,  South  Carolina,  Georgia,  Florida. 

51 


Section  No.  5. — Gulf  and  Mississippi  Valley  States — Ala- 
bama, Mississippi,  Tennessee,  Kentucky,  Louisiana. 

Section  No.  6. — Southwestern  States — Missouri,  Arkansas, 
Texas,  Kansas,  Colorado,  New  Mexico,  Oklahoma. 

Section  No.  7. — Northwestern  States — Iowa,  Minnesota,  Ne- 
braska, North  Dakota,  South  Dakota,  Wyoming,  Montana. 

Section  No.  8. — Pacific  States — Washington,  Oregon,  Cali- 
fornia, Nevada,  Idaho,  Arizona,  Utah. 

Section  No.  9. — Territories  and  Possessions — Alaska,  Hawaii, 
Philippines,  Porto  Rico. 

Section  No.  10. — Canada. 

Section  No.  11. — Other  foreign  countries. 

I  have  prepared  Chart  C,  which  illustrates  the  distribution  of 
assets  and  reserves  as  shown  by  the  table.  In  the  chart  I  have 
treated  Sections  9,  10  and  11  in  one  division. 

The  space  between  the  base  line  and  first  unbroken  line  above 
represents  by  scale  the  whole  mass  of  investments  at  the  end  of 
191 1,  amounting  to  nearly  four  billion  dollars,  distributed  among 
the  sections  as  indicated  by  the  distance  from  the  base  line  to  the 
first  unbroken  line  above  it,  for  each  section  as  indicated  on  the 
chart  by  its  number.  The  space  between  the  lower  and  upper 
unbroken  lines  represents  the  assets  added  betwen  191 1  and 
1920,  amounting  to  about  three  billion  dollars,  and  the  space  be- 
tween the  base  line  and  the  upper  unbroken  line  represents  the 
nearly  seven  billion  dollars  of  assets  held  at  the  end  of  1920.  In 
like  manner  the  spaces  between  the  base  line  and  the  broken  lines 
represent  the  total  reserves  or  liability  on  policies  at  the  end  of 
191 1  for  the  lower  broken  line  and  at  the  end  of  1920  for  the 
upper  broken  line.  It  also  shows  the  distribution  of  the  reserves 
among  the  different  localities,  and  the  relative  amounts  of  in- 
vestments to  reserves  in  each  locality. 

Where  the  lower  continuous  line  comes  to  a  point  above  the 
lower  broken  line  it  shows  that  in  that  particular  locality  the  in- 
vestments exceeded  the  reserves  in  191 1  by  the  amount  indicated 
by  the  space  between  the  two  lines  on  the  line  ascending  verti- 
cally from  the  base  line  at  the  number  of  the  section  under  con- 
sideration. In  like  manner  the  relative  position  of  the  upper 
broken  and  continuous  lines  shows  the  relation  of  investments 
to  reserves  at  the  end  of  1920. 

52 


/s 


Possibly  this  is  shown  still  more  clearly  in  Chart  D,  where 
the  same  relation  is  indicated  by  percentage  of  investments  to 
reserves  in  each  section,  the  unbroken  line  marking  these  per- 
centages for  191 1  and  the  broken  line  for  1920.  From  these  lineb 
it  is  clear  that  in  191 1  the  investments  in  each  section  exceeded 
reserves  except  in  the  New  England  States — Section  No.  1 — 
where  the  percentage  was  only  55.92,  and  the  three  sections, 
Nos.  9,  10  and  11,  outside  the  United  States,  as  stated,  where 
the  percentage  then  was  59.17.  In  1920  only  Sections  No.  i,  2 
and  3  were  below  the  loofo  line,  having  percentages  50.89, 
86.40  and  95.68,  respectively. 

Further  study  of  the  Table  II  and  Chart  D  shows  clearly  that 
the  percentages  for  Sections  i,  2  and  3  have  fallen  during  the 
nine  years,  while  for  Sections  4,  5,  6  and  7  they  have  increased, 
throwing  the  1920  line  above  the  191 1  line.  In  the  Pacific  States, 
Section  8,  the  percentage  has  decreased,  but  it  still  leaves  the 
investments  in  that  locality  22.55%  ^ore  than  the  reserves.  In 
Sections  9,  10  and  11,  grouped  as  one  in  the  chart,  the  percentage 
has  increased  from  59.18%  to  112.61%.  This  is  readily  accounted 
for  by  the  purchase,  during  the  war  and  since,  of  bonds  issued 
by  governments  outside  the  United  States — chiefly  those  of  our 
Canadian  neighbor. 

From  the  table  and  chart  it  is  evident  that  between  191 1  and 
1920  there  has  been  a  tendency  to  shift  the  higher  proportion  of 
investments  from  the  Eastern  and  Middle  States  and  the  Central 
Northern  States,  to  the  South  and  West,  the  investments  in 
those  five  groups  during  the  period  increasing  $1,608,367,584, 
while  the  reserves  increased  only  $876,278,062.  Naturally,  in  the 
development  of  a  great  country  like  our  own,  capital  will  flow 
from  the  longer  settled  and  more  wealthy  parts  of  the  country 
to  those  regions  where  money  is  most  needed.  It  is  quite  pos- 
sible that  the  need  now  apparent  in  some  of  our  Eastern  sta'.is 
and  cities  for  buildings  of  all  sorts  which  would  have  been 
erected  long  ago,  but  for  the  abnormally  high  cost  of  labor  and 
material,  may  turn  back  this  tendency  of  capital  from  the  South 
and  West,  so  that  an  exhibit  of  the  next  decade  of  life  insurance 
may  show  a  decidedly  different  situation  from  that  now  before 
us  in  the  figures  presented. 

Already  there  are  conspicuous  evidences  that  much  money  is 
being  invested  by  life  insurance  companies  in  the  Middle  and 
Central  Northern  States  which  would  undoubtedly  have  gone 

53 


to  other  regions  but  for  the  special  demand  in  these  states  for 
the  purposes  named.  During  1920  the  increase  in  mortgage 
loans  on  other  than  farm  property  was  more  than  twenty  times 
as  great  as  the  annual  increase  of  such  loans  during  1918  and 
1919,  the  increase  in  1920  amounting  to  $129,135,810,  compared 
with  $12,669,688  during  1918  and  1919  combined,  45.8%  of  the 
amount  going  to  the  Middle  Atlantic  and  174%  to  the  Central 
Noithern,  in  which  sections  the  housing  shortage  was  most 
acute. 

In  order  that  this  convention  might  have  the  latest  data  as 
to  the  trend  of  life  insurance  investments  in  mortgage  loans, 
these  same  47  companies  have  just  made  reports  showing  the 
total  amount  of  their  farm  and  city  mortgages  as  of  October 
31,  1921. 

I  find  that  $261,900,000  has  been  added  in  the  ten  months 
from  December  31,  1920,  to  October  31,  1921,  making  a  total  of 
$2468,600,000  real  estate  mortgage  loans  on  October  31st  of  this 
year.  Of  this  total,  $1,247,300,000  is  on  farm  property  and 
$1,221,300,000  on  city  property.  Therefore,  for  the  first  time  in 
many  years,  if  not  for  the  first  time  in  the  history  of  the  country, 
the  total  amount  of  farm  loans  held  by  life  insurance  companies 
now  exceeds  the  loans  on  city  property,  the  proportion  being 
50-53%  loaned  on  farms  as  against  4947%  on  city  property. 

Of  the  increase  of  $261,900,000  in  mortgage  loans  during  the 
first  ten  months  of  this  year,  $161,300,000  is  in  farm  mortgages 
and  $100,600,000  in  city  mortgages.    The  increase  in  farm  mort- 
gages is  greater  in  amount  than  the  increase  in  the  city  mort- 
gages during  these  ten  months,  as  was  the  case  in  1920,  but 
there  is  still  the  same  tendency  that  I  pointed  out  above,  namely, 
to  increase  the  proportion  of  loans  on  city  property  as  compared 
with  farms.    This  trend  of  investments  towards  the  city  has  been 
strongly  manifested  since  1919  and  can  be  shown  'lost  clearly 
by  the  proportion  of  new  money  going  into  each  class  of  mort- 
gages during  the  last  few  years.     Please  note,  during  1918  and 
1919,  that  91.03%  of  all  the  net  increase  in  loans  was  on  farm 
property  and  8.97%  on  city  property.     In  1920,  the  proportion 
of  money  invested  in  farm  loans  dropped  to  63.78%,  while  the 
city  loans  increased  to  36.22%.    During  the  first  ten' months  of 
1921,  the  same  tendency  has  continued  and  the  proportion  of  farm 
loans  has  dropped  to  61.59%,  while  that  on  city  property  has 
increased  to  3841%.    With  justifiable  pride,  speaking  at  an  insur- 

54 


;»* 


ance  gathering,  I  can  point  to  the  investment  of  life  insurance 
funds  where  the  greatest  need  of  the  nation  has  called.  During 
the  last  six  years  it  was  vital  for  this  nation,  for  itself  and  the 
part  it  was  playing,  that  our  agriculture  should  be  stimulated  to 
highest  productivity.  That  the  companies  met  this  condition  is 
shown  in  the  percentage  of  agricultural  loans.  There  is  at  the 
moment  another  imperative  demand — that  of  construction  catch- 
ing up  with  deferred  building  in  our  cities.  The  national  ten- 
dency of  insurance  company  investments  to  meet  imperative, 
justifiable  demands  is  made  equally  clear  in  the  now  perceptible 
trend  toward  city  loans  again. 

In  thus  placing  before  you  some  of  the  facts  concerning  life 
insurance  funds,  I  have  tried  to  show  first  how  and  where  these 
funds  are  invested,  and  then  to  point  out  the  striking  changes 
in  kind  and  in  locality  during  the  nine  years  from  the  end  of 
191 1  to  the  end  of  1920,  as  well  as  the  remarkable  amount  of 
increase  in  mortgages  for  the  current  year. 

I  have  also  called  your  attention  to  the  relation  by  amounts 
and  percentages  of  the  investments  to  the  liability  of  the  com- 
panies not  only  as  pertains  to  the  whole  of  the  investments  and 
reserves,  but  as  jto  this  relation  in  different  sections  where  the 
companies  \nsure  lives  and  invest  money,  showing  that  the  total 
investments  exceed  the  total  reserves  by  more  than  seven  hun- 
dred million  dollars — that  is,  by  about  12% — and  also  that 
except  for  three  sections  east  of  the  Mississippi  and  north  of  the 
junction  of  the  Ohio  with  that  river,  the  investments  in  each 
particular  locality  exceed  the  liability  of  the  life  insurance  com- 
panies to  the  inhabitants  of  that  section. 

I  have  said  that  I  would  refer  again  to  the  greatness  of  the 
amount  of  assets  held  by  American  life  insurance  companies. 
Reports  in  the  daily  papers  of  the  amounts  owed  by  our  Fed- 
eral Government,  and  still  more  by  the  debts  of  other  govern- 
ments, have  made  us  all  more  familiar  with  dollars  stated  in 
billions  than  we  were  a  few  years  ago,  but  even  yet  I  doubt  if 
our  minds  really  comprehend  these  great  amounts.  Six  billion 
eight  hundred  and  thirty-two  million  seven  hundred  and  twenty- 
four  thousand  five  hundred  and  sixty  dollars  and  six  cents  is  the 
amount  of  our  insurance  assets. 

Let  us  imagine  that  Benjamin  Franklin,  just  about  the  time 
he  signed  the  Declaration  of  Independence,  set  in  motion  a  clock 
or  other  mechanism  which  would  count  $1.00  every  second  and 

55 


record  the  total,  and  that  by  some  provision  he  insured  continued 
care  of  this  clock  so  that  it  should  never  cease  counting  for  a 
single  second  of  time,  day  or  night,  year  after  year,  sixty  every 
minute,  three  thousand  six  hundred  every  hour,  eighty-six  thou- 
sand four  hundred  every  day,  thirty-one  million  five  hundred 
and  eighty-two  thousand  six  hundred  every  year,  and  so  on  years 
without  end.  By  this  time,  although  the  clock  would  have  been 
counting  steadily  for  one  hundred  and  forty-five  years,  it  would 
have  reached  a  total  of  about  four  and  one-half  billions,  or  just 
about  the  amount  of  the  life  insurance  investments  at  the  end  of 
1914,  and  would  have  to  tick  on  for  seventy-one  years  more 
before  it  would  count  our  total  of  SIX  BILLION  EIGHT  HUN- 
DRED AND  THIRTY-TWO  MILLION  SEVEN  HUNDRED 
AND  TWENTY-FOUR  THOUSAND  FIVE  HUNDRED 
AND  SIXTY  DOLLARS  AND  SIX  CENTS. 

With  no  spirit  of  vaunting  pride  have  I  thus  endeavored  to 
bring  before  us  the  greatness  of  this  sum.  This  is  no  bloated 
bondholders'  hoard.  It  represents  the  assets  belonging  to  forty 
million  people  with  an  average  ownership  of  about  $170  for  each 
person.  Mostly  it  is  the  result  of  the  most  unselfish  saving  for 
the  sake  of  dependent  wives  and  children. 

Those  who  frame  our  laws  may  well  take  heed  of  the  fact 
that  this  vast  sum  does  not  belong  to  great  corporations  in  their 
own  right,  an  easy  mark  for  taxation  without  representation. 
It  belongs  to  forty  million  men  and  women,  most  of  whom  have 
the  right  to  vote.  A  recent  announcement  from  the  Census 
Bureau  at  Washington  gives  the  whole  potential  voting  strength 
of  the  United  States  as  fifty-four  million  four  hundred  and 
twenty-one  thousand  eight  hundred  and  thirty-two.  Of  these, 
forty  million  voters  have  ownership  in  these  assets. 

The  deposits  made  in  our  savings  banks  well  merit  con- 
sideration as  belonging  to  the  great  mass  of  our  people  who  have 
saved  from  their  hard-earned  wages.  For  like  reasons,  intensi- 
fied because  of  the  unselfish  motives  involved,  the  amounts  set 
aside  and  paid  for  life  insurance  are  worthy  of  especially  favor- 
able consideration  as  regards  taxation,  whether  for  Federal,  state, 
county  or  municipal  purposes. 

And  especially  it  is  with  no  spirit  of  vaunting  pride  that  we 
who  are  members  of  the  Association  under  whose  auspices  we 
are  now  meeting,  contemplate  the  bigness  of  this  great  accu- 
mulation of  wealth  placed  in  our  custody.    It  does  not  belong  to 

56 


us.  It  is  a  most  sacred  trust.  Not  pride,  but  an  earnest  desire 
for  ability  to  wisely  administer  this  trust  for  the  benefit  of  those 
to  whom  it  belongs,  is  the  inspiration  which  comes  to  us  from 
its  greatness. 


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TABLE     I. 
COMPARATIVE    INVESTMENT    STATISTICS    OF    LIFE    INSURANCE   COMPANIES   FOR    THE   YEARS    1911,    1914,    1917,    1919   AND    1920. 


Real   Estate 

Farm  Mortgage  Loans 
Other  Mortgage  Loans 
Total   Mortgage  Loans 

R.  R.  Inter  State  Bonds  and  Stocks 

R.  R.  Intrastate  Bonds  and  Stocks 

Total  R.   R.   Bonds  and   Stocks 

U.  S.  Government  Bonds 

State,  (bounty  and  Municipal  Bonds  (U.  S.  and  Ter.) 

Gov't,   State  County   and   Municipal   Bonds   (Canada) 

Gov't,  State.  County  and  Municipal  Bonds  (Foreign) 

Total  (jcv't.  State,  County  and  Municipal  Bonds 

Other    Bonds  and   Stocks   (4) 

Total   Bonds  and   Stocks 

Collateral  Loans 

Premium  Notes  and  Loans  to  Policyholders 

Cash  on   Hand   and   in    Banks 

All   other   Assets 

Total    \dmitted   Assets  of   Companies   Examined 

Total  Admitted  Assets  of  Companies  Shown  in  Year  Book 

Ratio^    Assets    of     Companies    Examined    to    Assets    of 
Companies   Shown   in   Vear  Book 

(1)  Farm  mortgage  loans  were  not  separated  from  other  mortgage  loans  in  the 
years  1911  and  1914. 


1911 

RATIO  TO 

ADMITTED 

ASSETS 

1914 

RATIO  TO 
ADMITTED 

ASSETS 

1917 

$144,912,326.79 

RATIO  TO 

ADMIITED 

ASSETS 

2.71% 

1919 

RATIO  TO 

ADMITTED 

ASSETS 

1920 

KATIOTO 

ADMITTCD 

ASSETS 

$151,962,224.72 

3.92% 

$145,986,569.68 

3.19% 

$129,502,527.83 

2.10% 

$136,771,432.38 

(1) 
(1) 

(1) 
(1) 

$730,030,865.51 
978,890,490.40 

13.67% 
18.32% 

$858,537,282.95 
991,560,178.81 

13.94% 
16.10% 

$1,085,965,739.78 
1,120,695,988.21 

15J9% 
16.4t% 

1,228,359.347.75 

31.65% 

1.500.935.772.56 

32.78% 

1.708,921,355.91 

31.99% 

1.850,097,461.76 

30.04% 

2.206.661.727  J9 

njf% 

$957,308,018.95 
426,229,194.52 

24.66% 
10.98% 

$1,003,527,241.57 
540,282,645.84 

21.92% 
11.80% 

$1,227,057,685.14 
532,853,042.68 

22.97% 
9.98% 

$1,245,561,393.42 
525,724,442.91 

20.22% 
8.54% 

$1,266,325,702.16 
527,193,278.08 

lSkSJ% 

7.71% 

$1,383,537,213.47 

35.64% 

$1,543,809,887.41 

33.72% 

$1,759,910,727.82 

32.95% 

$1,771,285,836.33 

28.76% 

$1,793,518,980.24 

M.2S% 

(2) 
$155,600,410.17 

4.01% 

(2) 
189,398,887.78 

4.14% 

62,622.536.97 
233,449.620.20 

1.17% 
4.37% 

706,062,941.72 
248,948,244.72 

11.46% 

4.05% 

772,410,125.26 
288,817,542.68 

llJf% 

(3) 

82,106,118.89 

2.12% 

(3) 
164.016,763.76 

3.58% 

(3) 

248.230.024.97 

- 

4.65% 

113,466,557.35 
'  143,501,669.45 

1.84% 
2.33% 

134,287,337.20 
116,511,359.10 

1^7% 

i.n» 

$237,706,529.06 

6.13% 

$353,415,651.54 

7.72% 

$544,302,182.14 

10.19% 

$1,211,979,413.24 

19.68% 

$1,312,026,364.24 

19.11% 

202,851,793.07 

1.824,095,535.60 

5.22% 
46.99% 

128.084.653.75 

2.025.310,192.70 

2.79% 
44.23% 

185,135,680.41 

2.489.348.590.37 

3.47% 
46.61% 

189,094,071.43 

3.172.359,321.00 

3.07% 
51.51% 

202.483,568.42 

3,308.028.912.90 

±M% 

48.42% 

12,482,932.00 

505,609,506.02 

59,736,944.40 

99,013.377.51 

$3,881,259,868.00 
(39  Cos.) 

$4,164,491,688.00 
(240  Cos.) 

.32% 

13.03% 

1.54% 

2.55% 

100.00% 

m 

16.621,299.49 
682,529,797.80 

84,392,943.45 
123,288.723.13 

$4,579,065,298.81 
(36  Cos.) 

$4,935,252,793.00 
(250  Cos.) 

.36% 

14.90% 
1.84% 
2.70% 

100.00% 

82,340,952.88 
164.465.153.47 

16.751.959.88 
735,188,423.47 

.31% 

13.76% 

1.54% 

3.08% 

100.00% 

♦ 

21,311,841.41 
732.337,956.64 

76,083,847.40 
177,004.767.03 

$6,158,697,723.07 
(39  Cos.) 

$6,790,582,41. S.OO 
(266  Cos.) 

JS% 

11.89% 

1.24% 

2.87% 

100.00% 

30.819.226.39 
820.071.906.63 

80.531312.12 
249,839,541.74 

$6,832,724,560.06 
(47  Cos.) 

$7,319,997,019.00 
(272  Cos.) 

.4SS 
12.00% 

i.ia% 

3.66% 

$5,341,928,762.77 
(33  Cos.) 

$5,940,622,780.00 
(241  Cos.) 

100.00% 

93.19% 


92.78% 


(2)  In  1911  and  1914  United  States  GoTcmtnent  Bonds,  because  of  the  very 
small  amount  held,  were  included  in  State,  County  and  Municipal  Bonds. 


89.92% 

(3)  Canadian  Government,  State,  County  and  Municipal  Bonds  were  not 
separated  from  Foreign  Government,  State,  County  and  Municipal  Bonds  in 
the  years   1911,   1914  and   1917. 


90.69% 
(4)  This  item  also  includes 


93J4% 
certain  other  assets  in  the  years  1911.  1914 


1917. 


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TABLE     I. 
COMPARATIVE    INVESTMENT    STATISTICS    OF    LIFE    INSURANCE   COMPANIES    FOR    THE    YEARS    1911,    1914,    1917,    1919    AND    1920. 


Real   Estate 

Farm  Mortgage  Loans 
Other  Mortgage  Loans 
Total   Mortgage  Loans 

R.  R.  Inter  State  Bonds  and  Stocks 

R.  R.  Intrastate  Bonds  and  Stocks 

Total  R.   R.   Bonds  and   Stocks 

U.  S.  Government  Bonds 

State,  County  and  Municipal  Bonds  (U.  S.  and  Ter.) 

Gov't,   State   County   and    Municipal   Bonds   (Canada) 

Gov't,  State,  County  and  Municipal  Bonds  (Foreign) 

Total  Gov't.  State,  County  and  Municipal  Bonds 

Other   Bonds  and  Stocks   (4) 

Total   Bonds  and  Stocks 

Collateral  Loans 

Premium  Notes  and  Loans  to  Policyholders 

Cash   on   Hand   and   in    Banks 

All    other   Assets 

Total    \dmitted  Assets  of   Companies  Examined 

Total  Admitted  Assets  of  Companies  Shown  in  Year  Book 

Ratio^    Assets    of    Companies    Examined    to    Assets    of 
Companies   Shown   in   \ear  Book 

(1)  Farm  mortgage  loam  were  not  separated  from  other  mortgage  loans  in  the 
years  1911  and  1914. 


1911 


RATIO  TO 

ADMITTED 

ASSETS 


(1) 
(1) 


$957,308,018.95 
426,229,194.52 

$1,383,537,213.47 

(2) 
$155,600,410.17 
(3) 
82,106,118.89 

$237,706,529.06 
202,851,793.07 


$151,962,224.72 


1,228,359,347.75 


93.19% 


3.92% 


31.65% 

24.66% 
10.98% 

35.64% 

4.01% 

2.12% 
6.13% 
5.22% 


1,824.095,535.60 

46.99% 

12.482,932.00 

.32% 

505,609,506.02 

13.03% 

59,736,944.40 

1.54% 

99,013.377.51 

2.55% 

$3,881,259,868.00 

100.00% 

(39  Cos.) 

$4,164,491,688.00 

(240  Cot.) 

1914 


RATIO  TO 

ADMITTED 

ASSETS 


1917 


RATIO  TO 

ADMITTED 

ASSETS 


(I) 
(1) 


$1,003,527,241.57 
540,282.645.84 

$1,543,809,887.41 

(3) 

189,398,887.78 

(3) 
164,016,763.76 

$353,415,651.54 

128,084,653.75 


$145,986,569.68 


3.19% 


1.500,935,772.56 


32.78% 

21.92% 
11.80% 

33.72% 

4.14% 

3.58% 
7.72% 
2.79% 


92.78% 


$730,030,865.51 
978,890.490.40 


$1,227,057,685.14 
532,853,042.68 

$1,759,910,727.82 

62,622,536.97 
233,449,620.20 
(3) 

248,230,024.97 

$544,302,182.14 
185,135,680.41 


$144,912,326.79  2.71% 

13.67% 

18.32% 

1.708.921.355.91  31.99% 

22.97% 
9.98% 


32.95% 

1.17% 
4.37% 

r 

4.65% 

10.19% 

3.47% 


2,025,310,192.70 

44.23% 

2,489.348,590.37 

46.61% 

16,621,299.49 

.36% 

16,751.959.88 

.31% 

682,529.797.80 

14.90% 

735,188,423.47 

13.76% 

84,392,943.45 

1.84% 

82,340,952.88 

1.54% 

123,288.723.13 

2.70% 
100.00% 

164,465,153.47 

3.08% 

$4,579,065,298.81 
(36  Cos.) 

$4,935,252,793.00 
(250  Cos.) 

$5,341,928,762.77 
(33  Cos.) 

$5,940,622,780.00 
(241  Cos.) 

100.00% 

1919 


mATXO  TO 

ADMrmd 


$858,537,282.95 
991,560.178.81 


$1,245,561,393.42 
525,724,442.91 

$1,771,285,836.33 

706,062,941.72 
248,948,244.72 
113,466,557.35 
143,501,669.45 

$1,211,979,413.24 

189.094,071.43 


$129.502.527.S1 


UJK% 


l.SS0.097.4«l.H 


ZA72,3S9jUtJm 

Il^llMlAl 

732337.9S«.^ 

76.0S3.t47.4t 

$6,158,697,723.07 
(39  Cob.) 

$6,790,582.41  «.tt 
(266  Cos.) 


Sl.51% 


11 
1 


(2)  In   1911   and   1914  United  States  (Government  Bonds,  because  of  the  very 
small  amount  held,  were  included  in  State.  County  and  Municipal  Bonds. 


89.92% 

(3)  Canadian  Government,  State,  County  and  Municipal  Bonds  were  not 
separated  from  Foreign  Government,  State,  County  and  Municipal  Bonds  m 
the  years   1911,   1914  and   1917. 


(4) 


•.• 


hocks 
cks 


^nds  (U.  S.  and  Ter.) 
:ipal  Bonds  (Canada) 
^ipal  Bonds  (Foreign) 

Municipal   Bonds 


fol  icy  holders 


;>anies   Examined 


lies  Shown  in  Year  Book 

ilxamined    to    Assets    of 
Book 


TABLE    I. 
COMPARATIVE    INVESTMENT    STATISTICS    OF    LIFE    INSURANCE  COMPANIES    FOR    THE   YEARS    1911.    1914,    1917.    1919   AND    1920. 


1911 


RATIO  TO 

ADMITTED 

ASSETS 


(1) 
(1) 


$957,308,018.95 
426,229,194.52 

$1,383,537,213.47 

(2) 
$155,600,410.17 
(3) 
82,106,118.89 

$237,706,529.06 

202,851,793.07 


lot  separated  from  other  mortgage  loans  in  the 


$151,962,224.72 


1914 


RATIO  TO 

ADMITTED 

ASSETS 


3.92% 


1917 


$145,986,569.68 


3.19% 


RATIO  TO 

ADMITTED 

ASSETS 


(1) 
(1) 


$1,003,527,241.57 
540,282,645.84 

$1,543,809,887.41 

(2) 

189,398,887.78 

(3) 
164,016,763.76 

$353,415,651.54 

128,084.653.75 


1.500.935,772.56  32.78% 

21.92% 
11.80% 


33.72% 

4.14% 

3.58% 
7.72% 
2.79% 


1.228.359,347.75  31.65%       ' 

24.66% 
10.98% 

35.64% 

4.01% 

2.12% 

6.13% 

5.22% 

1,824,095,535.60  46.99% 

12.482.932.00  .32% 

505.609.506.02  13.03% 

59,736.944.40  1.54% 

99.013.377.51  2.55% 

$3,881,259,868.00        100.00% 

(39  Cos.) 
$4,164,491,688.00 

(240  Cos.) 

93.19% 

(2)  In   1911  and   1914  United  States  CioTemment   Bonds,  because  of  the  very 
small  amount  held,  were  included  in  SUte.  County  and  Municipal  Bonds. 


$730,030,865.51 
978,890.490.40 


$1,227,057,685.14 
532,853.042.68 

$1,759,910,727.82 

62,622,536.97 
233,449,620.20 
(3) 

248,230,024.97 

$544,302,182.14 
185,135,680.41 


$144,912,326.79  2.71% 

13.67% 

18.32% 

1.708.921.355.91  31.99% 

22.97% 
9.98% 


32.95% 

1.17% 
4.37% 

r 

4.65% 

10.19% 

3.47% 


2.025.310.192.70 

44.23% 

2.489.348.590.37 

46.61% 

16.621.299.49 

.36% 

16.751.959.88 

.31% 

682.529.797.80 

14.90% 

735.188.423.47 

13.76% 

84.392.943.45 

1.84% 

82.340.952.88 

1.54% 

123.288,723.13 

2.70% 
100.00% 

164.465.153.47 

3.08% 

$4,579,065,298.81 

$5,341,928,762.77 

100.00% 

(36  Cos.) 

(33  Cos.) 

$4,935,252,793.00 

$5,940,622,780.00 

(250  Cos.) 

• 

(241  Cos.) 

92.78% 

fiO  COCK. 

1919 


$858,537,282.95 
991,560.178.81 


$1,245,561,393.42 
525,724,442.91 

$1,771,285,836.33 

706,062,941.72 
248,948,244.72 
113,466,557.35 
143.501,669.45 

$1,211,979,413.24 

189.094.071.43 


$129,502,527.83 


RATIO  TO 

ADMITTED 

ASSETS 

2.10% 


13.94% 
16.10% 


1,850,097.461.76  30.04% 

20.22% 
8.54% 


28.76% 

11.46% 
4.05% 
1.84% 
2.33% 

19.68% 
3.07% 


1920 


KATIO  TO 
ADMITTVS 


$136^71. 412Jt 


$1,085,965,739.78  i 

1,120,695,988.21  14. 

2.206.661J2739 


(3)  Canadian  Government,  State.  County  and  Municipal  Bonds  were  not 
Mparated  from  Foreign  Government.  State.  County  and  Municipal  Bonds  in 
the  years   1911.    1914   and   1917. 


3.172,359.321.00  51.51% 

21,311.841.41  .35% 

732.337.956.64  11.89% 

76.083.847.40  1.24% 

177.004,767.03  2.87% 

$6,158,697,723.07         100.00% 

(39  Cos.) 
$6,790,582,415.00 

(266  Cos.) 

90.69% 
(4)  This  item  also  includes 


$1,266,325,702.16 
527.193,278.08 

$1,793,518,980.24 

772.410,125.26 
288,817,542.68 
134,287,337.20 
116,511,359.10  l.n« 

$1,312,026,364.24  ISJS 

202,483.568.42 

3.308.028»912J« 

30.8l9,22iuM 
820.071.904^ 

80.531312.12 
249.839.541^4 

$6,832.724.S6«.M 

(47  Cos.) 
$7.319.997.019.M 

(272  Cos.) 

93J4% 
certain  other  assets  in  the  years  1911.  1914  ^id  1917. 


«saBS!*3*B!S!^ 


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New  England 
Conn.,  Me., 
Mass..  N.  H.. 
R.  Is..  Vt. 


South  Atlantic 
Va..  W.  Va.. 
N.  Car.,  S.  Car., 
Ga.,  Fla. 


Gulf  &  Miss.  Val. 
Ala.,  Miss., 
Tenn.,  Ky.. 
La. 


Southwestern 

Mo.,  Ark.,  Texas, 
Kansas,  Colo., 
N.   Mex.,  Okla. 


Total    Statss 


TABLE    II. 
SEVriONAL    DISTRIBUTION    OF    LIFE    INSURANCE    ADMITTED  ASSETS   FOR   THE   YEARS   1911    AND   1920. 
(the  Admitted  AmcU  Lilted  in  thU  Table  Reprcsen:  for  1911,  93.19%,  and  for  1920,  93.34%  of  the  Total  Admitted  Aaactt  of  aU  Americwi  Life  lararanca  Companies  ••  thown  in  the  Insurance  Yew  Book  for  Thea*  Years.) 


YEAR 


MORTGAGE  LOANS  TOTAL 

FARM  PROF-       OTHER  PROP-        MORTGAGE  ^^^^^ 

ERTIES  ERTIES  LOANS  ESTATE 


COLLATERAL 
LOANS 


POLICY 
LOANS  AND 
PREMIUM 
NOTES 


INTERSTATE  OTHER 

RAILROAD  GOVERNMENT  U)  STOCl^  AND 

STOCKS  INTRASTATE              STATE,  BONDS  AND 

AND  BONDS  RAILROAD           COUNTS  AND  ANY  OTHER 

(MILEAGE  STOCKS                 MUNICIPAL  INTRASTATE 

BASIS)  AND  BONDS               BONDS  ASSETS 


CASH 


TOTAL 
INVESTMENTS 


ESTlxMATED 
RESERVES 


RATIO 

INVEST- 
MENTS 
TO  RE- 
Si^VES 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

$26,650.00 

.017o 


$25,127,444.60 

8.77% 


$10,244,424.17 
6.29% 
25,154,094.60 
8.78% 


$11,255^15.00 
6.92% 
22,129,584.43 
7.72% 


$1,689,921.50 

1.04% 
804,665.00 

.28% 


$41,259,136.43 
25.37% 
64.480.658.31 
22.50% 


$37,212,649.10 
22.66% 
43,183,370.45 
15.07% 


$15,150,217.71 

9.32% 
18,791.884.33 

6.56% 


$22,815,600.77 
14.03% 
82.483,129.89 
28.79% 


$14,592,964.08 
8.99% 
19,400,837.81 
6.77% 


$8,389,180.57 

5.167o 

10,114,580.26 

3.53% 


$162,609,309.33 

100.00% 
286,542,805.08 
100.00% 


$290,768,323.83 
563,017,582.77 


55.92% 
50.89% 


R.  u:.  Vt. 


Middle  AUantic  1911 

Del.,  Dist.  of  Ratio  (2) 
Col.,   Md.,  1920 

N.  J.,  N.  Y.,  Pa.  Ratio  (2) 


(3) 

162.765.00 

.01% 


(3) 

622,195,226.96 

36.29% 


528,908,057.60 
42.30% 

622,357,991.96 
36.30% 


1U6,547,837.26 

8.52% 
81,493,315.36 
4.75% 


7,115.172.16 

•57% 
21,405,412.00 

1.25% 


161,061,494.58 
12.88% 

248,186,491.89 
14.48% 


95,608,602.45 
7.05% 

150,868,567.15 
8.80% 


163,997,845.20 

1342% 

201,421,662.53 

U.74% 


54,292,687.08 
4.34% 
254,086.123.64 
14.82% 


97.879,391.12 

7.837o 
104,030.265.1V 
6.07% 


34,889,601.86 
2.79% 

30,783,863.85 

1.79% 


1,250,300,089.31 
lOu.00% 

1,714,633,693.57 
IOU.00% 


1,034.466,647.82 
1,984,495,872.96 


120.86%  MiddJc  AiUntK 

DcL,  iMm.  ec 

86.40%  CoL,  M^ 

N.  J..  N.  Y.,  Fa. 


Central  Northern  1911 

Ohio,  Mich..  Ratio  (2) 

Ind.,  111.,  1920 

Wis.  Ratio  (2) 


(3) 

152,612,529.29 

13.51% 


W) 

148,655,965.87 

13.17% 


167>686,669.48 
25.06% 

301,268,495.16 
26.68% 


j,269,941.27 
.79% 

9,820,519.72 

.87% 


1,919,005.00 

.29% 

2,158,611.00 

.20% 


79,194,768.68 

11.84% 
134,962,781.52 
11.96% 


265,879,610.81 

39.75% 

319,261,929.51 

28.28% 


108,037,045.29 

16.15% 

129,465,837.64 

11.47% 


10,286,476.00 

1.54% 
188,565,601.81 
16.70% 


23,545,596.97 

3.52% 

36,175,819.41 

3.20% 


7,110,155.66 

l.U67c 
7,230,396.48 

.64% 


068,929,269.10 

10U.0U7o 
1,128,909,9^2.25 
100.00% 


586,700,553.07 
1.179.816.262.84 


114.01%  Central  Norttera 

Ohui, 
95.68%  lad^  liL. 

Wis. 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

46,045.019.94 

9.30% 


(3) 

71.548.997.95 

14.45% 


25,024,150.08 
11.99% 
117,594,017.89 

23.75% 


164.916.17 
.08% 

845,613.64 

.18% 


3,350.00 
.01% 
542,069.78 

.11% 


33,554,206.13 
16.07% 

70,122,635.10 

14.17% 


98,993,571.57 
47.42% 
135,146,634.61 

27.30% 


33,185,341.99 

15.89% 
38,189,452.17 

7.71% 


12,522,490.85 
6.00% 
125,304,272.94 
25.31% 


4,122,351.48 

1.98% 
4,634.175.46 
.94% 


1,173,315.51 

.56% 

2,627,011.81 

.53% 


208,743.093.78 
100.00% 

495,005,883.40 
100.00% 


178,851,111.86 
359,514,078.06 


116.71%  Souih  Atlantic 

Sa..  W.  Va., 

137.68%  N.  C*r^  S.  C«.. 

Ga..  Fia. 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

52,186,646.61 

12.03% 


(3) 


33,379,582.21 

7.69% 


33,542,274.06 
16.29% 

85,566,228.82 
19.72% 


15,719.02 
.01% 
1,008,142.46 
.23% 


349,500.00 

.17% 

351,150.00 

.08% 


36,813,875.32 
17.88% 

63,908,857.39 
14.737o 


86,837,995.73 

42.17% 
126,024,229.13 
29.04% 


23,952,704.43 

11.63% 
31,116,173.41 

7.17% 


21,777,661.25 

10.587o 
121,117,834.21 

27.91% 


2,017,361.44 
.98% 

3,060,583!55 
.70% 


597,594.06 

.29% 
1,821,088.95 

.42% 


205,904,685.31 
100.00% 

433,974.287.92 
100.007c 


192,595,317.48 
316,873,057.98 


106.91%  Gull  4k  Mtos.   Va^ 

Ala,  Moa.. 

136.95%  lesn^   Kj.. 

La. 


1911 
Ratio  (2) 

1920 
Ratio  (.2) 


(3) 

297,582,586.48 

37.15% 


(3) 

62,208,710.52 

7.76% 


169,723,709.88 
40.60% 

359,791,297.00 
44.91% 


4,749,468.12 

1.1470 
3,260,886.75 
.407o 


10,000.00 

.01% 

11,500.00 

.01% 


45,399,895.66 

10.86% 
80,071,919.83 
9.997o 


142,343,793.62 
34.05% 

181,015,933.63 
22.60% 


35,337,126.70 

8.45% 

40,510,084.20 

5.06% 


11,674,001.48 

2.797o 
127,089,491.05 

15.877o 


7,824.033.95 

1.87% 
7,924.297.62 
.99% 


952,285.61 

.23% 
1,323,624.64 

.17% 


418,014,315.02 
100.00% 

800,999,034.72 
100.00% 


242,369,013.80 
457,812,579.56 


172.47% 
174.96% 


South' 

Mo^  Ark..  T 

N.    Mex...  CNLa. 


Northwestern  1911 

Iowa,   Minn.,   Neb.,  Ratio  (2) 
N.  Dak..  S.  Dak.,  1920 

Wyo.,  Mont.  Ratio  (2) 


(3) 

511,624,987.98 

55.75% 


(3) 

68,289,596.24 

7.44% 


231,689,858.10 
56.72% 

579,914,584.22 
63.19% 


5,830,586.05 

1.43% 
3,156,660.51 
.34% 


5,800.00 

.01% 
10,700.00 

.01% 


26,091,858.52 

6.387o 
46,504,332.43 
5.077o 


105,279,573.79 
25.77% 

173,620,342.82 
18.92% 


24,279,597.37 

5.94% 

24,317,902.51 

2.65% 


6,710,213.29 

1.647o 
77,334,438.66 
8.43% 


7,807.235.50 

1.91% 

9,713,444.20 
1.06% 


813,892.82 

.20% 
3,104,717.20 

.33% 


408,508,615.44 
100.00% 

917,677,122.55 
100.00% 


162,855.103.16 
335,325,012.91 


250.84% 
273.67% 


Northwestern 
Iowa.  Miaa 
N.  Dak..  S. 

Wjo..  Moot. 


Kck. 


Pacific  1911 

Wash.,  Ore.,  Calif..  Ratio  (2) 
Nev.,  Idaho,  1920 

Arix.,  Utah.  Ratio  (2) 


(3) 

25,357,689.69 

6.03% 


(3) 

63,196,956.08 

15.04% 


54,986,984.20 
25.18% 

88,554,645.77 
21.07% 


1,935,562.14 

.89% 
5,891,644.36 
1.40% 


1,390,183.34 

64% 
5,520,1 18.52 

1.31% 


32,054,123.25 
14.68% 

58,540,159.97 
13.93% 


81,012,532.17 

37.08% 
132,539,656.20 
31.54% 


19,943,410.21 

9.13% 

28,491,210.81 

6.78% 


15,521,279.45 

7.11% 
85,027,854.81 
20.23% 


10,527,942.91 

4.82% 

13,677,383.77 
3.25% 


1,019,181.73 

.47% 

2,031,092.73 

.49% 


218,391,199.40 
100.00% 

420,273,766.94 
100.00% 


159,506,695.72 
342,930,578.35 


136.91%  Pacuic 

Wash..  Ot^..  Caltf.. 
122.55%  Nev..  idahtK 

Anz..  Utah. 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

$1,085,598,874.99 

17.52% 


(3) 
$1,094,602,480.43 


$1,221,806,127.57  $135,769,245.03  $12,482,932.00  $455,429,358.57         $913,168,329.24       $423,883,288.90  $155,600,410.17  $168,316,877.45 

34.50%                           3.84%                            .35%                           12.86%                         25.797o                        11.97%  4.39%                           4.75% 

$2,180,201,355.42  $127,606,367.23  $30,804,226.30  $766,777,836.44      $1,261,660,663.50       $512,304,207.60  $1,061,008,747.01  $198,616,807.01 

17.66%    *  '       •       '  35.18%                         2.06%                         .50%                        12.37%                       20.35%                       8.27%  17.12%                         3.20% 


$54,945,207.82  $3,541,401,776.75         $2,848,118,767.34  124.34% 

1.55%  100.00% 

$59,036,375.92  $6,198,016,586.43  $5,539,785,025.43  111.88% 

.95%  100.00% 


ToTAi.  SxAxaa 


Territories  and  Possessions  1911 

Alaska,  Hawaii,  Ratio  (2) 

Philippines,  1920 

Porto  Rico  Ratio  (2) 


(3) 

311,546.32 
17.60% 


(3) 


181,182.00 
18.56% 

311,546.32 
17.60% 


0 
0 


0 
0 


788,001.49 
80.74% 
1,224,047.94 
69.13% 


0 
0 


218,920.93 
12.36% 


6,784.57 
.70% 
16,103.62 

.91% 


975,968.06 
100.00% 
1,770,618.81 
100.00% 


5,803,875.00 
8,712,375.03 


16.81% 
20.32% 


Temtorics 
Alaaia. 


ToTAi.   Statu   ahb 

TuUtlTOKIU 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

$1,085,910,421.31 

17.52% 


(3) 
$1,094,602,480.43 


17.66% 


$1,221,987,309.57  $135,769,245.03  $12,482,932.00  $456,217,360.06  $913,168,329.24  $423,883,288.90  $155,600,410.17  $168,316,877.45  $54,951,992.39  $3,542,377,744.81         $2,853,922,642.34         124.12% 

34.50%                          3.83%                           .35%                          12.887o  25.78%                       11.97%  4.39%                          4.75%                         1.55%  100.00% 

$2,180,512,901.74  $127,606,367.23  $30,804,226.30  $768,001,884.38  $1,261,660,663.50  $512,304,207.60  $1,061,227,667.94  $198,616,807.01  $59,052,479.54  $6,199,787,205.24         $5,548,497,400.46          111.74% 

35.18%                           2.06%                            .50%                           12.38%  20.35%                          8.277o  l7.127o                           3.20%                            .94%  100.00% 


Total    Sta: 
Tsaai 


Canada  (4) 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


Canada  (4> 


55.318.47 

.03% 


13,199,294.47 

7.29% 


13,254,612.94 
7.32% 


218,132.07 
.12% 


15,000.00 

.01% 


10,797,520.85 
5.97% 


3,815,103.09 
2.11% 


11,331,067.29 

6.26% 


134,287,337.20 
74.207o 


3,095.353.57 
1.71% 


4,169,425.49 

2.307o 


180,983.552.50 
100.00% 


93.551,447.00         193-46% 


Other  Foreign 
Countries 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 
0 


(3) 


12.894,213.31 

6.38% 


6,372,038.18 
2.66% 

12,894,213.31 
6.38% 


16.192,979.69 

6.75% 
8,946.933.08 
4.43% 


0 

0 


49,392,145.96 
20.59% 

41,272,501.40 
20.42% 


44,139,689.71 
18.40% 
849,935.57 
.42% 


2,345,905.62 

.98% 
3,558,003.19 

1.76% 


82,106,118.89 

34.23% 
116,511,359.10 
57.65% 


34,534,915.62 

14.40% 
771,407.84 
.38% 


4,784,952.01 

1.99% 

17,309,907.09 

8.56% 


239,868.745.68 
100.00% 

202.114.260.58 
100.00% 


401,153.711.00 
239,501,254.20 


59.79% 
84.39% 


Other  Foretca 


Total  U.  S.,  Canada, 
amd  fokxicm 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

$1,085,965,739.78 

16.50% 


(3) 
$1,120,695,988.21 


17.02% 


$1,228,359,347.75  $151,962,224.72  $12,482,932.00  $505,609,506.02         $957,308,018.95  $426,229,194.52  $237,706,529.06  $202,851,793.07  $59,736,944.40  $3,782,246,490.49         $3,255,076,353.34         116.19% 

32.49%                           4.02%                            .33%                            13.36%                         25.31%                        11.27%  6.287c»                            5.36%                          1.58%                          100.00% 

$2,206,661,727.99  $136,771,432.38  $30,819,226.30  $820,071,906.63      $1,266,325,702.16  $527,193,278.08  $1,312,026,364.24  $202,483,568.42  $80,531,812.12  $6,582,885,018.32         $5,881,550,101.66         111.92% 

33.52%                        2.08%                          .47%                         12.46%                       19.23%                       8.01%  19.93%                         3.08%                        1.22%                       100.00% 


Total  U.  &, 


Non-Ledger  and  Mis- 
cellaneous Assets 


191*1 
1920 


99,013,377.51 
249,839,541.74 


Non-Ledcer 


Grand   Total 


1911 
1920 


5,965,7 


$1,085,965,739.78 


(3) 

$1,120,695,988.31 


$1,228,359,347.75 
$2,206,661,727.99 


$151,962,224.72 

ii^7~  


.771.432.38 


$12,482,932.00 
$30,819,226.30 


$505,609,506.02 
$820,071,906.63 


$957,308,018.95 
$1,266,325,702.16 


$426,229,194.52 
$527,193,278.08 


$237,706,529.06 
$1,312,026,364.24 


$202,851,793.07 
$202,483,568.42 


$59,736,944.40 
$80,531,812.12 


$3,881,259,868.00 
$6,832,724,560.06 


$3,255,076,353.34 
$5,881,550,101.66 


119.24% 
116.17% 


GiLASS  Tocal 


(1)  The  1920  sectional  amounts  include  $772,410,125.26,  investments  in  United  States  Gorernment  Boada,  prcrated  to  the  variotu  states  according  to  census  population  reports.     In  1911,  investments  in  United  States  Government  Bonds  amounting  to  $519,472.72  were  not  prorated  but  are  included  in  Miscellaneous  Aaaets. 

(2)  The  ratios  listed  represent  the  percent   which  each  class  of    investments  bears  to  the  total   inveatmcnts  in  the  group.  (3)  No  figures  are  available  showing  a  separation  of  Total  Mortgage  Loans  into  Farm  and  Otiier  Properties  ia  1911.  (4)  Canadian  investmenu  arc  included  with  Other  Fore«B 


mt. 


REDUCTION 


RATIO 


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TABLE    II. 
SECTIONAL    DISTRIBUTION    OF    LIFE    INSURANCE    ADMITTED  ASSETS   FOR   THE   YEARS   1911    AND   1920. 
(The  Admitted  AMett  Uated  in  this  Table  Represent  for  1911,  93.19%,  and  for  1920,  93.34%  of  the  Total  Admitted  Assets  of  all  Americas  Life  Insurance  Companies,  as  shown  in  the  Insurance  V 


YEAR 


MORTGAGE  LOAN'S 
FARM  PROP-   OTHER  PROP- 
ERTIES      ERTIES 


TOTAL 

MORTGAGE 

LOANS 


REAL 
ESTATE 


COLLATERAL 
LOANS 


POLICY 
LOANS  AND 
PREMIUM 
NOTES 


INTERSTATE  OTHER 

RAILROAD  GOVERNMENT  (1)  STOCKS  AND 

STOCKS  INTRA-STATE      STATE,  BONDS  AND 

AND  BONDS  RAILROAD    COUNTY  AND  ANY  OTHER 

(MILEAGE  STOCKS       MUNICIPAL  INTRASTATE 

BASIS)  AND  BONDS      BONDS  ASSETS 


CASH 


TOTAL 
INVESTMENTS 


New  England 

1911 

Conn.,  Me., 

Ratio  (2) 

Mass.,  N.  H., 

1920 

R.  Is.,  Vt. 

Ratio  (2) 

(3) 

$26,650.00 

.017o 


(3) 

$25,127,444.60 

8.77% 


$10,244,424.17 
6.29% 
25,154,094.60 
8.78% 


$11,255»215.00 

6.92% 
22,129,584.43 

7.72% 


$1,689,921.50 

1.04% 
804.665.00 

^8% 


$41,259,136.43 
25.37% 
64,480,658.31 
22.50% 


$37,212,649.10 

22.8b% 
43,183,370.45 
15.07% 


$15,150,217.71 

9.32% 
18,791,884.33 

6.56% 


$22,815,600.77 
14.03% 
82,483,129.89 
28.79% 


$14,592,964.08 
8.99% 
19,400,837.81 

6.77% 


$8,389,180.57 

5.16% 
10,114.580.26 


iiajuffjm^^ 


Middle  Atlantic 
Del.,  Dist.  of 
Col.,  Md., 
N.  J.,  N.  Y.,  Pa. 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

162,765.00 

.01% 


(3) 

622,195,226.96 

36.29% 


528,908,057.60 
42.30% 

622,357,991.96 
36.30% 


106,547,837.26 

8.52% 
81,493,315.36 
4.75% 


7,115,172.16 
.57% 
21,405,412.00 

1.25% 


161,061,494.58 
12.88% 

248,186,491.89 
14.48% 


95,608,602.45 

7.65% 
150,868,567.15 
8.80% 


163,997,845.20 

13,12% 

201,421,662.53 

11.74% 


54,292,687.08 
4.34% 
254,086,123.64 
14.82% 


97,879,391.12 
7.837o 
104,030.265.19 
6.07% 


34,889.601.80 

2.79% 

30,783.863.85 

1.79% 


i.2io.mtt.air». 


iji4,t^isjaASi 


Central  Northern 
Ohio,  Mich., 
Ind.,  111., 
Wis. 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

152,612,529.29 

13.51% 


C3) 

148,655,965.87 

13.17% 


167>686,669.48 
25.06% 

301,268,495.16 
26.68% 


),269,941.27 

.79% 

^,820,519.72 

.87% 


1,919,005.00 

.29% 

2,158,611.00 

.20% 


79,194,768.68 

11.84% 
134,962,781.52 
11.96% 


265,879,610.81 

39.75% 

319,261,929.51 

28.28% 


108,037,045.29 

16.15% 

129,465.837.64 

11.47% 


10,286,476.00 

1.547o 
188,565,601.81 

16.70% 


23,545,596.97 

3.52% 

36,175.819.41 

3.20% 


7,110,155.66 

1.00% 
7.230,396.48 

.64% 


ntn 


South  Atlantic 
Va..  W.  Va., 
N.  Car..  S.  Car., 
Ga.,  Fla. 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

46,045.019.94 

9.30% 


U) 

71,548.997.95 

14.45% 


25,024,150.08 
11.99% 
117,594,017.89 

23.75% 


164,916.17 
.08% 

845,613.64 

.18% 


3,350.00 
.01% 
542,069.78 

.11% 


33,554,206.13 
16.07% 

70,122,635.10 

14.17% 


98,993,571.57 
47.42% 
135,146,634.61 

27.30% 


33,185,341.99 

15.897o^ 
38,189,452.17 

7.7l7o 


12,522,490.85 
6.00% 
125.304,272.94 
25.3 17o 


4.122,351.48 

1.98% 
4.634.175.46 

.94% 


1.173.315.51 

.56% 

2,627,011.81 

.53% 


-'oaJ" 


495,005  JHIi.-IW 


UlLSw 


Gulf  &  Miss.  Val. 
Ala.,  Miss., 
Tenn.,  Ky., 
La. 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

52,186,646.61 

12.03% 


(3) 

33,379,582.21 

7.69% 


33,542.274.06 
16.29% 

85,566,228.82 
19.72% 


15,719.02 
.01% 
1,008,142.46 
.23% 


349,500.00 

.17% 

351,150.00 

.08% 


36,813,875.32 
17.88% 

63,908,857.39 
14.73% 


86.837,995.73 

42.17% 
126,024,229.13 
29.04% 


23,952,704.43 

11.63% 
31,116,173.41 

7.17% 


21,777,661.25 

10.58% 
121,117,834.21 
27.91% 


2,017.361.44 
.98% 

3,060,583.55 

.70% 


597,594.06 

.29% 
1,821,088.95 

.42% 


435^7 


Southwestern 

Mo..  Ark.,  Texas. 
Kansas.  Colo.. 
N.   Mex.,  Okla. 


1911 
Ratio  (2) 

192U 
Ratio  (.2) 


(3) 

297,582,586.48 

37.15% 


(3) 

62,208,710.52 

7.76% 


169,723,709.88 
40.60% 

359,791,297.00 
44.91% 


4,749,468.12 

1.14% 
3.260.886.75 
.40% 


10,000.00 

.01% 

11,500.00 

.01% 


45,399,895.66 

10.86% 
80,071,919.83 
9.99% 


142,343,793.62 
34.05% 

181,015,933.63 

22.60% 


35,337,126.70 

8.45% 

40,510,084.20 

5.06% 


11,674,001.48 
2.79% 
127,089,491.05 
15.87% 


7,824.033.95 

1.87% 
7,924.297.62 
.99% 


952,285.61 

.23% 
1,323,624.64 

.17% 


41S^I4^1iLlh^ 


♦aTJI. 


imt. 


Northwestern 

1911 

(3) 

(3) 

231,689,858.10 

5,830.586.05 

5,800.00 

26,091,858.52 

105.279,573.79 

24,279,597.37 

6,71 

Iowa,   Minn.,   Neb., 

Ratio  (2) 

56.72% 

1.43% 

.01% 

6.38% 

25.77% 

5.94% 

N.  Dak..  S.  Dak., 

1920 

511.624.987.98 

68.289.596.24 

579,914,584.22 

3.156.660.51 

10,700.00 

46,504,332.43 

173,620.342.82 

24,317,902.51 

77,3i 

Wyo.,  Mont. 

Ratio  (2) 

55.75% 

7.44% 

63.19% 

.34% 

.01% 

5.07% 

18.92% 

2.65% 

13.29  7,807.235.50 
1.64%  1.91% 

38.66  9,713.444.20 
8.43%  1.06% 


813.892.82 

.20% 
3.104.717.20 


MA^%Ajtk^t^ 


.ii7- 


9l7,677.t22-SS 


Pacific 
Wash.,  Ore.,  Calif., 
Nev.,  Idaho, 
Ariz.,  Utah. 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 

25.357,689.69 

6.03% 


(3) 

63,196,956.08 

15.04% 


54,986,984.20 
25.18% 

88.554.645.77 
21.07% 


1,935,562.14 

.89% 
5,891,644.36 
1.40% 


1,390,183.34 

.64% 
5.520,118.52 

1.31% 


32,054,123.25 
14.687o 

58,540,159.97 
13.93% 


81,012,532.17 

37.08% 
132,539,656.20 
31.54% 


19,943,410.21 

9.13% 

28,491,210.81 

6.78% 


15,521,279.45 

,      7.11% 
85,027,854.81 
20.23% 


10,527,942.91 

4.82% 

13,677,383.77 
3.25% 


1,019,181.73 

.47% 

2,031,092.73 

.49% 


218^91..199.40 
lUuJMI 
420.273^*634 


Total    Statxs 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 


(3) 


$1,221,806,127.57 
34.50% 

$1,085,598,874.99         $1,094,602,480.43         $2,180,201,355.42 
17.52%  17.66%  35.18% 


$135,769,245.03 
3.84% 

$127,606,367.23 

2.06% 


$12,482,932.00 

.35% 

$30,804,226.30 

.50% 


$455,429,358.57         $913,168,329.24       $423,883,288.90  $155,600,410.17 

12.86%                         25.79%                       11.97%  4.39% 

$766,777,836.44      $1,261,660,663.50       $512,304,207.60  $1,061,008,747.01 

12.37%                        20.35%                        8.27%  17.12% 


$168,316,877.45 
4.75% 

$198,616,807.01 

3.20% 


$54,945,207.82  $3,541,401,77i^S 

1.55%  i^uJtm 

$59,036,375.92  %6,l9%JiH^JUt^4A 

.95%  li 


»i.ii»J^ 


Territories  and  Possessions  1911 

Alaska,  Hawaii,  Ratio  (2) 
Philippines,  1920 

Porto  Rico  Ratio  (2) 


(3) 

311.546.32 
17.60% 


(3) 


181,182.00 
18.56% 

311,546.32 
17.60% 


0 
0 


0 

0 


788,001.49 
80.74% 
1,224.047.94 
69.13% 


0 
0 


0 

f 


218.920.93 
12.36% 


6.784.57 
.70% 
16.103.62 

.91% 


9JS.M^0» 


II 


Total   Statss   and 
TumiTOKiu 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 


(3) 


$1,085,910,421.31         $1,094,602,480.43 

17.52%  17.66% 


$1,221,987,309.57 
34.50% 

$2,180,512,901.74 
35.18% 


$135,769,245.03  $12,482,932.00 

3.83%  .35% 

$127,606,367.23  $30,804,226.30 

2.06%  .50% 


$456,217,360.06         $913,168,329.24  $423,883,288.90  $155,600,410.17  $168,316,877.45 

12.88%                         25.78%                        11.97%  4.39%                           4.75% 

$768,001,884.38      $1,261,660,663.50  $512,304,207.60  $1,061,227,667.94  $198,616,807.01 

20.35%                         8.27%  17.12%  ^                    3.20% 


12.38% 


$54,951,992.39 

1.55% 
$59,052,479.54 

.94% 


$3,542^77^44;J1 
ItlLMI 

$6,199.7S7.JHLa« 
II 


$i>«»«»J 


Canada  (4) 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


55.318.47 

.03% 


13,199,294.47 

7.29% 


13,254,612.94 
7.32% 


218.132.07 
.12% 


15.000.00 

.01% 


10.797.520.85 
5.97% 


3.815,103.09 
2.11% 


11,331,067.29 

6.26% 


134,287,337.20 

74.20% 


3.095,353.57 
1.71% 


4.169,425.49 

2.30% 


II 


Other  Foreign 
Countries 


1911 
Ratio  (2) 

1920 
Ratio  (2) 


(3) 
0 


(3) 

12,894,213.31 

6.38% 


6,372,038.18 

2.66% 
12,894,213.31 
6.38% 


16,192,979.69 

6.75% 
8,946,933.08 
4.43% 


0 
0 


49,392,145.96 
20.59% 

41,272,501.40 
20.42% 


44,139,689.71 
18.40% 
849,935.57 
.42% 


2,345,905.62 

98% 
3,558,003.'l9 

1.76% 


82,106,118.89 

34.23% 
116,511,359.10 
57.65% 


34,534.915.62 
14.40% 
771,407.84 
.38% 


4,784,952.01 

1.99% 

17,309,907.09 

8.56% 


239.84MU'4i.D« 

14 
202.11^ 

II 


Total  U.  S..  Canada, 
and  fobxign 


Non-Ledger  and  Mis- 
cellameous  Assets 


1911 
Ratio  (2) 

1920 
Ratio  (2) 

1971 
1920 


(3) 


(3) 


$1,085,965,739.78        $1,120,695,988.21 

16.50%  17.02% 


$1,228,359,347.75  $151,962,224.72 
32.49%  4.02% 

$2,206,661,727.99  $136,771,432.38 
33.52%  2.08% 


$12,482,932.00 

.33% 

$30,819,226.30 

.47% 


$505,609,506.02         $957,308,018.95  $426,229,194.52  $237,706,529.06  $202,851,793.07  $59,736,944.40  $3.7&2,24<>.49y.49 

13.36%                         25.317o                       11.27%  6.28%                           5.36%                          1  58%                         iuu.««* 

$820,071,906.63      $1,266,325,702.16  $527,193,278.08  $1,312,026,364.24  $202,483,568.42  $80,531,812.12  $6,582.88^    ^^^ 

12.46%                          19.23%                          8.01%  19.93%                            3.08%                           1.22%                                     -» 


99,013,377.31 
249,&39^i^4 


Gkand   Total 


1911  (3) 

1920  $1,085,965,739.78 


(3) 
$1,120,695,988.21 


$1,228,359,347.75 
$2,206,661,727.99 


$151,962,224.72 
$1  ♦««.771.432.38 


$12,482,932.00 
$30,819,226.30 


$505,609,506.02 
$820,071,906.63 


$957,308,018.95 
$1,266,325,702.16 


$426,229,194.52 
$527,193,278.08 


$237,706,529.06 
$1,312,026,364.24 


$202,851,793.07 
$202,483,568.42 


$59,736,944.40 
$80,531,812.12 


$3,881,259,S6&.J«         %ij%%^ 

$6,832. 724.56«)uo  S5.JS. 


m  Xu*  ^^?  sectional  amounts  include  $772,410,125.26,  investments  in  United  States  GoTemment  Bonds,  prcrated  to  the  Tsrious  states  according  to  census  population  reports.     In  1911,  investments  in  United  States  Government  Bonds  amountin.?  to  $519  472  72 
(2)  The  ratios  listed  represent  the  percent  which  each  class  of   investments  bears  to  the  total  investments  in  the  group.  (3)  No  Bgurcs  are  available  showing  a  separatioi  of  Total  Mortgage  Loans  into  Fra^d  Otu<^  P^S^iS  ii  llll 


C4) 


TABLE    II. 
SECTIONAL    DISTRIBUTION    OF    LIFE    INSURANCE    ADMITTED  ASSETS   FOR   THE   YEARS   1911   AND   1920. 
(the  Admitted  AMett  Lirted  in  this  Table  Represent  for  1911.  93.19%.  mnd  for  1920.  93.34%  of  the  Total  Admitted  Assets  of  aU  Ameriom  U£e  Insurance  Companies  w  shown  in  the  Insurance  Year  Book  for  These  Years.) 


MORTGAGE  LOANS 
FARM.  PROP-       OTHER  PROP- 
ERTIES ERTIES 


TOTAL 

MORTGAGE 

LOANS 


REAL 
ESTATE 


COLLATERAL 
LOANS 


INTERSTATE 

RAILROAD  GOVERNMENT  (1) 

POLICY                    STOCKS  INTRA-STATE              STATE, 

LOANS  AND            AND  BONDS  RAILROAD          COUNTY  AND 

PREMIUM                 (MILEAGE  STOCKS                MUNICIPAL 

NOTES                         BASIS)  AND  BONDS               BONDS 


OTHER 

STOCKS  AND 

BONDS  AND 

ANY  OTHER 

INTRA-STATE 

ASSETS 


CASH 


TOTAL 
INVESTMENTS 


ESTIMATED 
RESERVES 


RATIO 

INVEST- 
MENTS 
TO  RE- 
SERVES 


(3) 

$26,650.00 

.017o 


(3) 

$25,127,444.60 

8.77% 


$10,244,424.17 
6.29% 
25,154,094.60 
8.78% 


$11,255^15.00 
6.92% 
22,129,584.43 
7.72% 


$1,689,921.50 

1.04% 
804,665.00 

.28% 


$41,259,136.43 
25.37% 
64,480,658.31 
22.50% 


$37,212,649.10 
22.88% 
43,183,370.45 
15.07% 


$15,150,217.71 

9.32% 
18.791,884.33 

6.56% 


$22,815,600.77 
14.03% 
82,483,129.89 
28.79% 


$14,592,964.08 
8.99% 
19,400.837.81 
6.77% 


$8,389,180.57 

5.16% 

10,114,580.26 

3.53% 


$162,609,309.33 

10U.007o 
286,542,805.08 
IOU.00% 


$290,768,323.83 
563,017,582.77 


55.92%  New  England 

Conn..  Me.. 

50.89%  Mass,  N.  U.. 

R.  Is..  Vt. 


(3) 

162,765.00 

.01% 


(3) 

622.195,226.96 

36.29% 


528,908,057.60 
42.30% 

622,357,991.96 
36.30% 


1U6,547,837.26 

8.52% 
81,493,315.36 

4.7  57o 


7,115.172.16 
.57% 
21,405,412.00 

1.25% 


161,061,494.58 
12.88% 

248,186,491.89 
14.48% 


95,608,602.45 

7.05% 
150.868,567.15 
8.80% 


163,997,845.20 

1342% 

201,421,662.53 

11.74% 


54,292,687.08 
4.34% 
254,086,123*64 
14.82% 


97.879,391.12 

7.837o 
104,030265.19 
6.07% 


34,889,601.86 

2.79% 

30,783,863.85 

1.79% 


1,250,300,689.31 
lOu.00% 

1,714,633,693.57 
IOU.00% 


1,034,466,647.82 
1,984,495,872.96 


120.86%  Middle  AUantic 

Del.,  Dist.  of 
86.40%  Col..  Md., 

N.  J.,  N.  v..  Pa. 


(3) 

152,612,529.29 

13.51% 


(3) 

148,655,965.87 

13.17% 


167>686,669.48 
25.06% 

301,268,495.16 
26.68% 


),269,941.27 

.79% 
9,820,519.72 

.877o 


1,919,005.00 

.29% 

2,158,611.00 

.20% 


79,194,768.68 

11.84% 
134,962,781.52 
11.96% 


265,879,610.81  108,037,045.29 

39.75%  16.15% 

319,261,929.51  129,465,837.64 

28.28%  11.47% 


10,286,476.00 

1.54% 
188,565,601.81 
16.70% 


23,545,596.97 

3.52% 

36,175.819.41 

3.20% 


7,110,155.66 

1.067o 
7,230,396.48 

.64% 


668,929,269.16 

10U.0U7o 
1,128,909,9^2.25 
IOU.00% 


586,700,553.07 
1,179,816,262.84 


114.01%  Central  Northern 

Ohio,  Mich.. 
95.68%  Ind.,  IlL. 

Wis. 


(3) 

46,045,019.94 

9.30% 


(3) 

71,548,997.95 

14.45% 


25,024,150.08 
11.99% 
117,594,017.89 

23.75% 


164,916.17 
.08% 

845,613.64 

.18% 


3,350.00 
.01% 
542,069.78 

.11% 


33,554,206.13 
16.07% 

70,122,635.10 

14.17% 


98,993,571.57 
47.42% 
135,146,634.61 

27.30% 


33,185,341.99 

15.89% 
38,189,452.17 

7.71% 


12,522,490.85 
6.00% 
125,304,272.94 
25.31% 


4,122,351.48 

1.98% 
4,634.175.46 

.94% 


1,173,315.51 

.56% 

2,627,011.81 

.53% 


208,743,693.78 
100.00% 

495,005,883.40 
100.00% 


178,851,111.86 
359,514,078.06 


116.71%  South  Atlantic 

Va.,  W.  Va., 

137.68%  N.  Car.*.  S.  *Car^ 

Ga.,  Fla. 


(3) 

52,186,646.61 

12.03% 


(3) 

33,379,582.21 

7.69% 


33,542,274.06 
16.297o 

85,566,228.82 
19.72% 


15,719.02 

349,500.00 

.01% 

.17% 

1,008,142.46 

351,150.00 

.23% 

.08% 

36,813,875.32 
l7.887o 

63,908,857.39 
14.73% 


86,837,995.73 

42.17% 
126.024,229.13 
29.04% 


23,952,704.43 

11.63% 
31.116,173.41 

7.17% 


21,777,661.25 

10.58% 
121,117,834.21 

27.91% 


2,017.361.44 
.98% 

3,060,583.55 
.70% 


597,594.06 

.29% 
1,821,088.95 

.42% 


205,904,685.31 
100.00% 

433,974,287.92 
100.00% 


192,595,317.48 
316,873,057.98 


106.91%  Gulf  &  Mk»s.  V  aL 

Ala.,  Miss., 

136.95%  Tcnn.,  Ky., 

La. 


(3) 

297,582,586.48 

37.15% 


(3) 

62,208,710.52 

7.76% 


169,723,709.88 
40.60% 

359,791,297.00 
44.91% 


4,749,468.12 

1.14% 
3,260,886.75 
.40% 


10,000.00 

.01% 

11,500.00 

.01% 


45,399,895.66 

10.86% 
80,071,919.83 
9.99% 


142,343,793.62 
34.05% 

181,015,933.63 

22.60% 


35,337,126.70 

8.45% 

40,510,084.20 

5.U6% 


11,674,001.48 
2.79% 
127,089,491.05 
15.87% 


7,824,033.95 

1.87% 
7,924,297.62 
.99% 


952,285.61 

.23% 
1,323,624.64 

.17% 


418,014,315.02 
IOU.00% 

800,999,034.72 
100.00% 


242,369,013.80 
457,812,579.56 


172.47%  Southwestern 

Mo.,  Ark.,   Texas, 

174.96%  Kansas,  Colo., 

N.   Mex.,  Okla. 


(3) 

511,624,987.98 

55.75% 


(3) 

68,289,596.24 

7.44% 


231,689,858.10 
56.72% 

579,914,584.22 
63.19% 


5,830,586.05 

1.43% 
3,156,660.51 
.34% 


5,800.00 

.01% 
10,700.00 

.01% 


26,091,858.52 
6.38% 

46,504,332.43 
5.07% 


105,279,573.79 
25.77% 

173,620,342.82 
18.92% 


24,279,597.37 

5.94% 

24.317,902.51 

2.65% 


6,710,213.29 

1.64% 
77,334,438.66 
8.43% 


7,807.235.50 
1.91% 

9,713,444.20 
1.06% 


813,892.82 

.20% 
3,104,717.20 

1% 


.33*2. 


408,508,615.44 
100.00% 

917,677,122.55 
100.00% 


162,855,103.16 
335,325,012.91 


250.84%  Northwestern 

Iowa,    Minn.,    Neh., 

273.67%  N.  Dak.,  S.  Dak.. 

VVyo.,  Mont. 


(3) 

25,357,689.69 

6.03% 


(3) 

63,196,956.08 

15.04% 


54,986,984.20 
25.18% 

88,554,645.77 
21.07% 


1,935,562.14 

.89% 
5.891.644.36 
1.40% 


1,390,183.34 

.64% 
5,520,118.52 

1.31% 


32,054,123.25 
14.687o 

58,540,159.97 
13.93% 


81.012,532.17 

37.08% 
132,539,656.20 
31.54% 


19,943,410.21 

9.13% 

28,491,210.81 

6.78% 


15,521,279.45 

7.11% 
85,027,854.81 
20.23% 


10,527,942.91 

4.82% 

13,677,383.77 
3.25% 


1,019,181.73 

.47% 

2,031,092.73 

.49% 


218,391,199.40 
IOU.00% 

420,273,766.94 
IOU.00% 


159,506,695.72 
342,930,578.35 


136.91%  Pacihc 

Wash.,  Ore.  Califs 
122.55%  Nev.,  Idaho» 

Ariz.,  Utah. 


(3) 

$1,085,598,874.99 

17.52% 


(3) 
$1,094,602,480.43 


$1,221,806,127.57         $135,769,245.03         $12,482,932.00           $455,429,358.57^     ^'''''''''fsjt^   '''''''''"'^^'7%       ''''''''''Vd%     ^''''''''''lfs%     ''''''''''"{%%  IOU.00% 

$2  180,201,355.42         $127,606,367:23         $30,804.226.*30            $766,777,836.44      $1,261,660,663.50       $512,304,207.60         $1,061,008,747.01         $198,616,807.01         $59,036,375.92         $6,198,016,586.43 
17.66%  35.18%  ./  2.06%  .50%  12.37%  20.35% 8.27% 17.12% 3.20% 


$3,541,401,776.75 
lOU.OO' 
$6,198,016,586.43 
.95%  100.00% 


$2,848,118,767.34 
$5,539,785,025.43 


124.34% 
111.88% 


ToTAX.  Statbs 


(3) 

311.546.32 
17.60% 


(3) 
0 


181,182.00 
18.56% 

311,546.32 
17.60% 


0 
0 


0 


788,001.49 
80.74% 
1,224,047.94 
69.13% 


0 
0 


0 


218,920.93 
12.36% 


0 
0 


6,784.57 

.70% 
16,103.62 

.91% 


975,968.06 
100.00% 
1,770,618.81 
100.00% 


5,803,875.00 
8,712,375.03 


16.81%  Territories  and  Pc 

Alaska,  Hawaii. 

20.32%  PhUippines. 

Porto  Rico 


(3) 

$1,085,910,421.31 

17.52% 


(3) 
$1,094,602,480.43 


17.66% 


$1221987  309.57  $135,769,245.03  $12,482,932.00  $456,217,360.06         $913,168,329.24  $423,883,288.90  $155,600,410.17  $168,316,877.45  $54,951,992.39        $3,542,377,744.81         $2,853,922,642.34         124.12% 

*           ^4^0%                           3  83%                            .35%                            12.88%                          25.78%                         11.97%  4.39%                            4.75%                           1.55%                          IOU.00% 

$2  180  512  90174  $127,606,367.23  $30,804,226.30  $768,001,884.38      $1,261,660,663.50  $512,304,207.60  $1,061,227,667.94  $198,616,807.01  $59,052,479.54         $6,199,787,205.24         $5,548,497,400.46         111.74% 

35.18%                          2.06%                           .50%                           12.38%                         20.35%                         8.27%  17.12%                           3.20%                           .94% IOU.00% 


Total    Statxs   axb 
TKaaiToaxxa 


Canada  (4) 


55,318.47 

.03% 


13.199,294.47 

7.297* 


13,254,612.94 
7.32% 


218.132.07 

.127c 


15,000.00 

.01% 


10,797,520.85 
5.977o 


3,815,103.09 
2.11% 


11,331.067.29 

6.267o 


134,287,337.20 

74.207o 


3,095,353.57 
1.71% 


4,169,425.49 

2.307o 


180,983,552.50 
100.00% 


93,551,447.00         193.46% 


(3) 
0 


(3) 

12,894,213.31 

6.38% 


6,372,038.18 

2.66% 
12,894,213.31 
6.38% 


16,192.979.69 

6.75% 
8,946.933.08 
4.43% 


0 


49,392,145.96 
2U.59% 

41,272,501.40 
20.42% 


44.139.689.71 
18.40% 
849.935.57 
.42% 


2,345,905.62 

.98% 
3.558,003.19 

1.76% 


82.106,118.89 

34.23% 
116,511,359.10 
57.65% 


34,534,915.62 

14.40% 
771,407.84 
.38% 


4,784,952.01 

1.99% 

17,309,907.09 

8.56% 


239,868,745.68 
100.00% 

202,114,260.58 
100.00% 


401,153,711.00 
239.501,254.20 


59.79% 
84.39% 


Other  Foreign 
Countries 


(3) 

$1,085,965,739.78 

16.50% 


(3) 

$1,120,695,988.21 

17.02% 


$1228  359  347  75  $151962  224  72  $12,482,932.00  $505,609,506.02         $957,308,018.95  $426,229,194.52  $237,706,529.06  $202,851,793.07  $59,736,944.40  $3,782,246,490.49         $3,255,076,353.34         116.19% 

*  '       '          3249%  ♦'^''''°*''     4  027o                           .33%                           13.367o                         25.31%                       11.27%  6.287o                           5.36%                         1.58%                         IOU.00% 

$2  206  661727  99  $136  771.432'.38  $30,819,226.30  $820,071,906.63      $1,266,325,702.16  $527,193,278.08  $1,312,026,364.24  $202,483,568.42  $80,531,812.12  $6,582,885,018.32         $5,881,550,101.66         111.92% 

*  '       •       '33  52%                          2.08%                           .47%                           12.46%                         19.23%                         8.01%  19.937c                           3.08%                          1.22% 


1U0.U0% 


Total  U.  S..  Casaba. 
AMD  Foasicn 


99,013,377.51 
249,839,541.74 


Non-Ledcer  and  Mi*- 
cellaneous  Assets 


(3) 
$1,085,965,739.78 


(3) 
$1,120,695,988.21 


$1,228,359,347.75 
$2,206,661,727.99 


$lil,962,224.72 
$1^771.432.38 


$12,482,932.00 
$30,819,226.30 


$505,609,506.02 
$820,071,906.63 


$957,308,018.95 
$1,266,325,702.16 


$426,229,194.52 
$527,193,278.08 


$237,706,529.06 
$1,312,026,364.24 


$202,851,793.07 
$202,483,568.42 


$59,736,944.40 
$80,531,812.12 


$3,881,259,868.00 
$6,832,724,560.06 


$3,255,076,353.34 
$5,881,550,101.66 


119.24% 
116.17% 


Grajto  Total 


U  t772  4in  12s  26   investments  in  United  States  GoTcrnment  Bonds.  Drcrated  to  the  yarious  states  according  to  census  population  reports.     In  1911,  investments  in  United  States  Government  Bonds  amounting  to  $519,472.72  were  not  prorated  but  are  included  in  Miscellaneous  Assets. 

Ircint  which  eich  S  S    invStrnentrbcars  to  total  investment.  S  the  group.  (3)  No  figures  are  available  showing  a  separation  of  Total  Mortgage  Loans  into  Farm  and  Ot«er  Properties  in  1911.  (4)  Canadian  investmenU  are  included  with  Other  Foreign  Countriea 


1911. 


m 


INDEX 


Page 
A    Decade    of    Life    Insurance    Investments. 

Asa   S.  Wing 46 

Assets,   distribution   as   to   kind,    57,    Insert, 

Tables  I    60 

Greatness  of   amount 55 

Of  forty-seven  companies,   1920 46 

Sectional  distribution,  59,  Insert,  Table  II     60 
Year      Book     and     Association      statistics. 

Insert,  Tables  I  and  II 60 

See  Investments. 
Association    of    Life    Insurance    Presidents, 
statistics  gathered,  10,  24,  facing  36,  47, 

Insert    60 

Members  of,   cover  pages  2,  3 

Proposed   as   statistical   clearing   house   for 

mortality    reports    IS 

Automobile  accidents 12,  14,  16,  17,     18 

"Average  man"   7 

Bankers'  attitude  to  policy  loans 32 


Bonds,  state,  county  and  municipal 48, 

Bonds,  United  States 48, 

Bright's  disease  12,   16,  17, 


51 
50 
18 

10 


Canada,  lowered  death  rate  1921 

Canadian  bond  investments,  ratio  to  assets — 

1911-1920,  Insert,  Table  1 60 

Canadian  bonds  53 

Canadian    assets,    1911,    1920,    classified   dis- 
tribution,   Insert,   Table   II 60 

Cancer   12,   16,   17,     18 

Cash  assets  1911,  1920,  48,  Insert,  Table  II.     60 
Canada. 

Central  Northern  States. 
Foreign  countries. 
Gulf  and  Mississippi  Valley. 
Middle  Atlantic  States. 
New  England. 
Northwestern  States. 
Pacific  States. 
South  Atlantic  States. 
Southwestern  States. 
Territories. 
United  States. 
Cash,    ratio   to    assets.    Insert,    Table    I . . . .     60 

Cerebral  hemorrhage 16,  17,  18,     72 

Charts: 

Distribution  of  assets  as  to  kind,  1911,  '14, 

'17,  '19,  '20 57 

Percentage  to  total  of  each  kind  of  invest- 
ment          58 

Ratio  by  sections  of  rural  to  total  popula- 
tion     30,    45 

Ratio   of   investments   to   reserves,  geogra- 
phical  distribution,   1911,    1920 60 

Ratio  of   policy  loans  to  invested  assets . .     44 
By  geographical  distribution. .  .38,  41»43,     45 

By  states   39,     40 

Insurance    Year    Book    and    Association 

statistics    37 

Sectional    distribution    of    assets   compared 

with  reserves   59 

Chicago,  value  of  human  life  illustrated ....  22 
Children's  diseases,  mortality  statistics. .  .17,  18 
Childs,  Arthur  E.,  increased  policy  loans...  23 
City  and  farm  mortgages,  54,  Insert,  Table 

II    60 

Collateral   loans,    1911,    1920 48 


Page 
Collateral  loans.  Insert,  Table  II 60 

Canada. 

Central  Northern  States. 

Foreign   countries. 

Gulf  and  Mississippi  Valley. 

Middle  Atlantic  States. 

New    England. 

Northwestern    States. 

Pacific   States. 

South  Atlantic  States. 

Southwestern  States. 

Territories. 

United  States. 
Collateral    loans,    ratio    to    assets,    1911-1920, 

Insert,   Table   1 60 

Connecticut,  life  and  fire  protection  compared     20 

Contents    1 

Co-operation  government,  urged  for  prolong- 
ing life    15 

Cox,  Robert  Lynn,  address 7 

Report  1913   on  policy  loans 23 

Death,  causes  of,  comparison,   1920-1921, 

12j  16-18 
Death  claims,  money  saved  by  mortality  gain, 

1921    11 

Death   claims  paid    1920 8 

Death  rate,  lowering  achieved 9,  11 

Diarrhoea    and    enteritis 12,  17,  18 

Diphtheria   12,  13,  17,  18 

Earning  power  ultimate  security  for  debt. .         22 

Economic   wealth,    rate    of   gain.. 8 

Economic   worth    of    individual    life 8,*     20 

Farm  and  city  mortgages,  54,  Insert,  Table  I     60 

Farmers,  tenant,  use  of  loans 33 

Farm  mortgages    30,  32,     54 

Farm   mortgage   loans,    ratio  to  assets,    1911- 

1920,   Insert,   Table   1 60 

Farm  mortgages,  1911,  1920,  Insert  Table  II     60 

Canada. 

Central   Northern   States. 

Foreign  countries. 

Gulf  and   Mississippi  Valley. 

Middle  Atlantic  States. 

New  England. 

Northwestern  States. 

Pacific  States. 

South  Atlantic  States. 

Southwestern  States. 

Territories. 

United  States. 
Foreign  bond  investments,  1911-1920,  Insert, 

Table  I    60 

Geographical    distribution     of     assets,     1911, 

1920,   51-55,  Insert,  Table  II. 60 

Geographical    distribution    of    policy    loans, 

23,  facing    36 

Gladstone's   budget    speeches 46 

Government,     state,     county     and     municipal 
bonds,  1911,  1920,  48,  50,  Insert,  Tables 

I  and  II 60 

Canada. 

Central  Northern  States. 

Foreign  countries. 

Gulf  and  Mississippi  Valley. 


i 


6i 


Middle  Atlantic  States. 

New  England. 

Northwestern  States. 

Pacific  States. 

South  Atlantic  States. 

Southwestern  States. 

Territories. 

United  States. 

Growth  of  life  insurance 

Growth  of  policy  loan  and  notes. 


Paob 


19 
23 


Health  in  the  life  insurance  mirror 7 

Health    offices,    tardy    action IS 

Heart  diseases,  organic 12,   16,  17,  18 

Holcombe,   John    M.,    address 19 

Homicides 12,  14,  16,  17,  18 

Industrial    business,    causes    of    death,    1920, 

1921     17,     18 

Influenza   11,  12,  14,  16,  17,     18 

Investments,    A    Decade    of   Life   Insurance, 

Asa    S.    Wing    46 

Investments,  Central  Northern  States 53,     54 

Classes  decreased,   1911-1921 48 

Classes   increased,    1911-1921 48 

Comparative    statistics,    1911-1920,    Insert, 

Table   I    60 

Canada    government,    state,    county    and 
municipal  bonds. 

Cash  assets. 

Collateral  loans. 

Farm  mortgage  loans. 

Foreign    government,    state,    county   and 
municipal  bonds. 

Mortgage  loans. 

Other  bonds  and  stocks. 

Premium  notes  and  loans  to  policyholders. 

Railroad  interstate  bonds  and  stocks. 

Railroad  intrastate  bonds  and  stocks. 

Real  estate. 

State,    county  and  municipal  bonds. 

United  States  government  bonds. 

Eastern  States   53 

Geographical    distribution.      See    Sectional 

Distribution. 

Middle   Atlantic    States 54 

Miscellaneous,    1911-1920    48 

Net   increase,   1911-1921    48 

New   England   States 53 

Pacific    States    53 

Percentage  to  total   of    each   kind 58 

Ratio    assets,    39    companies    examined    to 

240    companies    in    Year    Book,    Insert, 

Table    I 60 

Ratio  to  reserves,  sectional  distribution...     60 

Relation,  liabilities  and  reserves 55 

Sectional  distribution  of  assets,  1911,  1920, 

Insert,   Table   II 60 

Canada. 

Central   Northern  States. 

Foreign  countries. 

Gulf  and  Mississippi  Valley. 

Middle  Atlantic  States. 

New  England. 

Northwestern  'States. 

Pacific  States. 

South  Atlantic  States. 

Southwestern   States. 

Territories. 

United  States. 
See  also  Assets. 

Life    conservation    work 8 

Life   expectancy  extension    9 

Life  insurance  lapses    34 

Measles   12,   17,     18 

Meningitis    12,    17,     18 

Mortality,  lowered   rate,   1921 10 


Pack 
Mortgage    loan    investments.    1911-1920,    48, 

49,  57,  58,  Insert,  Tables  I   and  II 60 

Mortgage  loans,  1911-1920,  sectional  distribu- 
tion,  Insert,  Table  II 60 

Canada. 

Central  Northern  States. 

Foreign  countries. 

Gulf  and  Mississippi  Valley. 

Middle  Atlantic  States. 

New  England. 

Northwestern  States. 

Pacific  States. 

South  Atlantic   States. 

Southwestern  States. 

Territories. 

United  States. 
Mortgages,    farm  and   city 54 

National  Health  in  the  Life  Insurance 
Mirror.     Robert   Lynn   Cox 

New  business,  effect  on  policy  loan  ratios. . 
Monthly  production  of 

New  Life  Insurance  Business  of  1921;  What 
It  Means.     John  M.  Holcombe 

Nollen,  Henry  S.,  address 

Northwestern  group   policy  borrowers 

Pacific  group  policy  borrowers 

Policy  loans  and  premium  notes,  1911,  1920, 
Insert,   Table  II    

Canada. 
Pneumonia   12,  13,  16,  17, 

Central  Northern  States. 

Foreign  countries. 

Gulf  and  Mississippi  Valley. 

Middle  Atlantic  States. 

New  England. 

Northwestern   States. 

Pacific  States. 

South  Atlantic  States. 

Southwestern  States.  .^ 

Territories. 

United  States. 
Policy  loans: 

Borrowers'  occupations    

By   states  and  sections,   facing 

Disadvantages    to    companies 

Effect  of  new  business  on  ratios. ..  .29, 

Estimate  of  total 

Increased    demand    

Increase   in  rural   communities 

Partial    payments 


7 

29 

44 

19 

23 
30 

.S^ 

30 

-*^ 

■fs^Kf" 

4 

60 

f 

18 


i 


Ratio   bv   months  to   invested   assets. 
Ratio   of    rural   to   total   population . . 


Ratio  to  assets,   1911-1920,  Insert,  Table  I 

Ratio  to   reserves 36 

Association  figures,   1911-1921,  facing... 

By  sections    38,   41-43, 

By   states    39. 

Year  Book  figures,   1888-1920 

Reasons    given    for 

Reduction    1919     

Repayment    

Recent  Fluctuations  in.     Henry  S.  Nollen 

Preface    

Premium  notes.     See  Policy  Loans. 

Prevention    of    disease 

Preventive  medicine   

Puerperal  causes  of  death 12,  16,  17, 

Railroad   bonds  and  stocks,   interstate.    1911- 

1920 48,     50 

Railroad  interstate  bonds  and  stocks,  ratio  to 

assets.   Insert,   Table   1 60 

Railroad  intrastate  bonds  and  stocks,  ratio  to 

assets.   Insert,   Table   1 60 

Railroad   stocks  and   bonds,   1911,    1920,   In- 
sert, Table  II  50 

Canada. 

Central  Northern  States. 


32 
36 
32 
44 
33 
23 
33 
34 
44 
45 
60 
•45 
36 
45 
43 
36 
31 
34 
34 
23 
3 

9 
15 
18 


62 


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END  OF 

TITLE 


